This is strictly about how much memory LuaJIT can address on that platform. There’s no “significant performance issues”. If your workload fits inside 2 GiB (IIRC) it will be fast. LuaJIT is a world class JIT.

For a long time a new garbage collector has been an open issue for LuaJIT, which would fix this particular issue, and make the language even faster. Last I checked this was actively being worked on.