How does the Conduit's LoRa end-device limitation work? Does this affect total possible connections?

As of AEP >=1.4.14 and mLinux >3.3.22:

The Conduit supports a maximum of 2000 end-devices and up to 10 additional gateways connected at one time. An end-device is considered connected when the LoRaWAN keys or session information is configured on the Conduit. The number of end-devices and gateways is limited by the size of storage allocated for configuration and processing power.

Conduit acting as a packet forwarder can support 3500+ end-devices since it is a stateless gateway to a remote network server. The full capacity of the gateway will depend on how frequently end-devices are reporting uplinks and receiving downlinks.