As far as I know, The limit is pertaining to the characters that you can use in the exclusions.
There is no limit to the number of exclusions that you can define.
To get a better understanding of the whole exclusion thing, You might want to take alook at this :-
Is there any limit on number of exclusions we define in VSE? I am hearing there is a limit of 40, is that true!
Where did you hear that? I have had exclusions over 100 for years now. (Mostly for tools used in isolating, repairing, and recovering from infections, which, in the wrong hands could be used for bad. Some, for performance reasons.)