Save Operation Fails for Macros with More Than 200 Instructions

This behavior is working as designed. Salesforce Macros support a maximum of 200 instructions per macro. This limit is hard-coded and cannot be increased via configuration or by raising a support request with Salesforce.
Workaround
To work within this limit, consider the following approaches:

1. Split large macros into smaller macros. Break the macro logic into multiple macros, each handling a distinct portion of the process (for example, one macro for field updates and another for email actions).
2. Use a parent macro to chain smaller macros. A parent macro can call child macros in sequence, effectively extending the total number of actions without exceeding the 200-instruction limit on any single macro.