On Splunk Cloud there are some constrains, but I did not find it on the Splunk Cloud document about restrictions to output the limits of rows as a result.
For further information ->https://docs.splunk.com/Documentation/SplunkCloud/8.0.0/Service/SplunkCloudservice#Splunk_Cloud_service_limits_and_constraints
For sure, Splunk Cloud should have setup some configuration to avoid long running searches. It is required to keep a good performance on Splunk Cloud. I suggest to open a case with splunk support to report the issue you are having and also request for them about the parameters configuration for your environment.
I also suggest a change to your report in order to get only the required fields for this report using the fields command. Please tweak your report to see if there is any other improvement you can apply.
It can be something like this:
index=firewall action=allowed
| fields _time, srcip, dstip, srcport, dstport, action
| table _time, srcip, dstip, srcport, dstport, action
| lookup ip_intel ip as srcip OUTPUT description threat_key domain
| search description!=""
| table _time srcip dstip srcport dstport action description domain threat_key
... View more