With the latest Beta Channel version of Windows 11, build 26220.8165, Insider Preview members will be able to set much bigger drive partitions when using FAT32. Instead of the current default limit of 32 GB, you'll now be able to go all the way up to 2 TB. Just like you could do two years ago.
It's only a short note in the release blog for the new Beta Channel build, but it says everything you need to know: "We’re increasing the size limit for formatting FAT32 volumes via the command line from 32GB to 2TB."
