Local Backup - Behavior versus set limits

The Local Backup process has been a lifesaver for being able to find and recover from the onset of serious data or functional issues. I use Automatic local backups to create a quick backup every time I exit Quicken and do less frequent backups to the Cloud (my own schedule). I've set a large number of Maximum number of backup copies to 99 to maximize my "recovery" range (see graphic below). My presumption is that it will continue to accumulate backups until it hits that Maximum. My question is what does it do at that point ? Does it just quit ? And does it warn you that it has quit ? I suppose I could just test it with a lower number and observe what happen, but thought I would just put the question out there to see if anybody knows the authoritative answer. Thank you.