The operation
What the px to rem converter computes
A single pattern substitution over the text you paste. Every number immediately followed by the characters px is captured, divided by the root font size, and rewritten with the unit rem. Nothing else in the input is altered.
That is the complete specification, and the interesting consequences all follow from one word in it: text. This is a substitution over characters, not a transformation of a parsed stylesheet. The converter has no model of a declaration, a property, a comment or a string literal, and it cannot acquire one.
The computation runs in the page. No request is made, which is why there is no run allowance and no length ceiling on this route: both exist to ration a server, and none is involved.