Did you mean that the limit number of rule to applied to a select ranges?
No, I think there is no such limitation. But if we apply multiple rules to the same range, we need to notice the conflict.
TechNet Community Support
Yes, in previous versions of Excel I think the limit was 3.
Microsoft is conducting an online survey to understand your opinion of the Technet Web site. If you choose to participate, the online survey will be presented to you when you leave the Technet Web site.
Would you like to participate?