Neither of those numbers are particularly huge for modern GPUs.
I'd wager that a compute shader + mesh shader based version of this could hit 2M sprites at 200 fps, though at some point we'd have to argue about what counts as "cheating" - if I do a clustered occlusion query that results in my pipeline discarding an invisible batch of 128 sprites, does that still count as "rendering" them?
200000 * 200 * 2 = 80M tris/sec
200000 * 200 * 32x32px = 40 gpix/sec (if no occlusion culling)
Neither of those numbers are particularly huge for modern GPUs.
I'd wager that a compute shader + mesh shader based version of this could hit 2M sprites at 200 fps, though at some point we'd have to argue about what counts as "cheating" - if I do a clustered occlusion query that results in my pipeline discarding an invisible batch of 128 sprites, does that still count as "rendering" them?