Yes! It should!

The plugin is free too so you can download it and try it out yourself!

Ah you're right! There isn't a reason for this strange limitation.

Doesn't make sense to allow 256 columns and 256 rows but to be only able to address 256 frames.

I've updated the Windows build with an increased limit of 65536! I currently do not have access to an OSX machine and am unable to make an updated OSX build at the moment though unfortunately...