I do expect such a limitation. Within the earlier QlikView releases there was a limit of 99 nested if-conditions and in my opinion it's a useful restriction to ensure stability. I think within the newer releases of QlikView and Qlik Sense there are furthermore limitations to n nested if's - maybe they are higher now and there might be also one or two releases where this limitation wasn't wrongly enabled.
Beside this I believe that there are other/better ways to construct a query with many conditions than with nested-if's. For instant the example from Massimo here could be easily handled with a pick(match()) solution.