The limit for the String value type is the same as for the Java String, which is the max size of a Integer: 2,147,483,647 bytes (2GiB)
But it is very inefficient to manage strings so big in memory. If it is a big binary value, I think it would be better to put it in a value of type Binary on the node.
A Binary won’t be indexed. If it is text, hopefully you will not get to the Java String limit.