Salesforce Flow Error 'Number of Iterations Exceeded' Version 56.0 and Earlier

The reason this limit is hit is that when looping through records, it is that each element in the loop counts as an executed element multiple times (once per record that you loop through).

For example, consider a Flow with Get Records, Loop (looping through the Get Records result and two Assignment elements, setting the Value and adding to Collection) and finally a Update Records. 

Number of records executed: Get Records element + [number of records * 3 (as we have 3 elements that run for every record in the loop)] + Update Records element.

The total value should be less than or equal to 2000. If the values exceed 2000, you will notice, "Number of Iterations Exceeded" error.

Here are a few suggestions to work around the error.

NOTE: These alternatives are possible suggestions. Any implementation suggestions related to flows will be out of scope for support.

• In API version 57.0, the limit of 2000 Flow elements was removed.  Update the Flow API version to 57.0 or later.
• Reduce the total number of records being processed.
• Process the records in multiple batches. Keep your own counter using a number variable and increment it every loop, exiting the loop when you're about to hit a limit. Consider adding a screen or wait element before looping through the next batch of records.
• Check for alternatives using Apex code.