Yes there is a limit. I tested this recently by pasting the text from ‘lorum ipsum’ in a Consortium Poll. It allowed me to paste two paragraphs and I think it didn’t work when I tried pasting three paragraphs. It seems like the max character limit is somewhere around 1000 characters.
Poll Testing Character Limit on Consortium: https://consortium.vote/poll/309697/01g6645r708q/conscommcons