I asked if there is an issue. In fact, all Python memory allocators start by checking if the size is larger than PY_SSIZE_T_MAX. Example:

void *
PyMem_RawMalloc(size_t size)
{
    /*
     * Limit ourselves to PY_SSIZE_T_MAX bytes to prevent security holes.
     * Most python internals blindly use a signed Py_ssize_t to track
     * things without checking for overflows or negatives.
     * As size_t is unsigned, checking for size < 0 is not required.
     */
    if (size > (size_t)PY_SSIZE_T_MAX)
        return NULL;
    return _PyMem_Raw.malloc(_PyMem_Raw.ctx, size);
}