term-buffer-maximum-size has been 2048 since 1997:

commit ce0ba762d737cd36b20513cd6d9540643524c581
Author: Richard M. Stallman <rms@gnu.org>
Date:   Wed Apr 2 03:46:39 1997 +0000

I think we have more memory nowadays, and a more reasonable default
would probably be 8192.

Any objections to doing this?

Best regards,
Stefan Kangas