Embora tecnicamente não haja limite quanto ao número de instantâneos, perguntei no BTRFS lista de discussão :
The (practical) answer depends to some extent on how you use btrfs.
Btrfs does have scaling issues due to too many snapshots (or actually the reflinks snapshots use, dedup using reflinks can trigger the same scaling issues), and single to low double-digits of snapshots per snapshotted subvolume remains the strong recommendation for that reason.
But the scaling issues primarily affect btrfs maintenance commands themselves, balance, check, subvolume delete. While millions of snapshots will make balance for example effectively unworkable (it'll sort of work but could take months), normal filesystem operations like reading and saving files doesn't tend to be affected, except to the extent that fragmentation becomes an issue (tho cow filesystems such as btrfs are noted for fragmentation, unless steps like defrag are taken to reduce it).
Parece que o uso de snapshots como um backup de arquivamento similar ao time machine / snapper não é uma boa ideia.