Technically , there is no limit on Choice field. But as a best practice, ServiceNow recommends to avoid going beyond 10-15 for user experience.
Reason being , the long choice list , it can breaks the Web form look when user will scroll & scroll. No User does not like long lists.
ServiceNow recommends Choice lists with large quantities of choices (arbitrary rule of thumb is > 15) are better suited to reference fields if only to leverage search ability and auto-complete.
Data that changes regularly are better suited to reference fields than choice lists.
Ref: 1. https://support.servicenow.com/kb?id=kb_article_view&sysparm_article=KB0538947
2. https://www.servicenow.com/community/developer-forum/choice-field-options-limit/m-p/2024518
Please mark this response as Helpful & accept it as solution if it assisted you with your question.Regards
Tanushree Maiti
ServiceNow Technical Architect
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