Is there any Limitation of No of Execution Profiles Created inside a Project

I think that it is not feasible of creating 500 Execution Profiles as Katalon Studio GUI would not be able to render them graphically. Simply, 500 exceeds the design assumption; any problems may occur; nobody can predict what will happen.

I would propose to you an alternative:

You would need to create only 1 or 2 Execution Profile, and 500 JSON files. Your code will load the JSON file and transfer the data into the GlobalVariables. This way is certainly feasible. Katalon Studio GUI would not stop you doing this.