Not to diminish anything but 100 to 200k messages per day is not really huge in relative scale of things. Several private services and government orgs in China and India easily send 10x or more of that number.
It could be a limit, but I don't see anything that indicates there's a correlation.
https://www.gov.uk/performance/govuk-notify
I've used Notify on several projects over the last couple of years, it's a really nice service and has never caused us any problem whosoever.
I think it was intended to be a description of how it's sensible to set things up at the scale they happen to have.
https://github.com/alphagov/notifications-api/blob/e386d2ac3...
I'd like to clarify that the remark about load handling was aimed at your SMS gateway providers.