This is simply an artefact of times past and has no technical relevance nowadays. LuaTeX allows dynamic allocation, with the available system RAM as the upper limit (so effectively, no limitations in everyday usage).
Now, I could not find a mention of memory handling in the XeTeX reference manual [4]. People are using tricks like `tikzexternalize` with xelatex [5, 6]. Especially the first point makes me think XeLaTeX inherits base TeX memory handling/limits, but I cannot confirm this.
I just know that all my problems disappeared when switching from XeLaTeX to LuaLaTeX.
Lastly, see here [7] for a comprehensive (albeit somewhat anecdotal) list of advantages of LuaTeX over XeTeX. Of that list, `microtype` is another significant functionality I rely on.
[0]: http://www.tug.org/texlive//devsrc/Master/texmf-dist/doc/con...
[1]: https://tex.stackexchange.com/q/7953/
[2]: https://tex.stackexchange.com/search?q=tex+capacity+exceeded
[3]: https://tex.stackexchange.com/a/482560/
[4]: http://mirrors.ctan.org/info/xetexref/xetex-reference.pdf
[5]: https://tex.stackexchange.com/q/438131/