How to manage the QML list item
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Why don't you just try and see?
My guess: Qt support as much as your systems memory supports, up to int_max/2 items.Notice that your items do not actually need to be that big. Are all your icons different? If not, then you only need to keep them in memory once. Unless you do funny things, Qt will make sure of that for you.
I think that if you start working with lists that big, you have a bigger issue to solve: how do you keep this thing usable for your users? How do you expect them to navigate that big list?