Max renderable lights is the ‘overall number of lights that can be rendered at a time’. But it’s not a setting for ‘overall number of lights that can be rendered per object’. This setting is hardcoded. Cannot be changed. There is a lot of discussions about it but not a solution yet.
You may want to rethink about your project:
Do you really need that many lights?
Would it matter that much if you decrease the number of lights?