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Maximum Custom BigObjects Rows usage-based entitlement = 1m

In our production org there is a usage-based entitlement entry of "Maximum Custom BigObjects Rows" with value of 1 million. Is this a hard limit on the number of records?

If so, setting the record limit so low nullifies much of the potential utility of BigObjects. The point at which BigObjects become valuable is 1 million records and above i.e. the point at which SObjects would experience performance degradation.

(Posting in developer forums because most aspects of BigObjects management aren't available yet in configuration.)