No, it is not.
I created an example with 18 pages, but only with the content
<pagebreak>
Next Page
This works.
But there is a limitation of code length.
You see the code of your report is saved in the question text.
And the question text itself is stored in a field of MySQL type "text", that is 65000 utf8-characters.
And maybe there are other things like timeouts (you surely realized that it takes some time to generate the report), or other things not directly related to the report.
But I do not know this.
Some time ago there was the problem with the code length and the solution was to split the report.
If you send the report in the confirmation mail you may send two parts of the report as well.
Joffm