One also has to consider the memory bandwidth issue, on Apple Silicon the GPU renders to system RAM and the display controller reads that RAM and sends it to the video output. Since bandwidth is precious, limiting external displays ensures that the system can stay functional. But if M2 moves to LPDDR5, it will absolutely have the headroom for an additional 4K or 5K signal.
I don't think the video output has any influence on amount of memory bandwidth other than the bandwidth required to generate the image itself. Bandwidth required for additional video output definitely isn't borrowed from main memory.