The search I was running is just events. I didn't use any transforming command and I put the ExcelExport module in flashtimeline.
I just did another test with a fresh install of version 4.2.4 with ExcelExport module. I searched with the command "index=_internal" and got 41,209 event. Then I export to excel and set "Max # of results to export" to 40,000 but I still got a excel file with 10,000 lines.
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