There is a limit of 1000 but that is configurable. Raising that limit may affect the performance of the application though because there are times where spaces are lazy loaded. Here is a link to the knowledge base for spaces settings.
Splitting workpads over multiple spaces does not give any performance boost except when rendering the list of workpads. It would take 1 space with 1000 workpads longer to render that list vs. having 4 spaces with 25 each.
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