Inline search does not display the full list of values

Summary:

The lookup used in a value set for descriptive flexfield contains over 20000 values and to be able to search easily, we thought of using inline search as the display type. However, noticed that when you type in some values, it only shows you around 25 values whereas we are expecting that all values containing the keywords should show up. Doc ID 2670999.1 states that Inline Search can only search over a total record set of 500 records and since this documentation was three years ago, would like to get a confirmation if this is still the case or we may be missing some setups that may have resolved this issue previously.