If you utilize one personality for each channel, the capacity is limited to the number of personalities. If you utilize one personality for several similarly configured "channels" or modes, the number of channels possible increases dramatically. For instance, if all the channels in a zone are very similarly configured, then you could use one personality for that entire zone. The published maximum numbers of zones, channels, and scan lists, etc., is really just a firmware maximum for each of those parameters. How many you can actually put in the radio depends entirely upon how many of the channels or modes can share a single personality, and where they are placed in the overall mode/zone scheme. In other words, the ultimate number of channels is limited by how many channels need different parameters and formats, such as scan lists, signalling, different modulation, bandwidth, different yadda yadda yadda.
If you use the top 16 position control as a channel selector, you are limited to 16 per zone. If you use it as a zone selector, you are limited to 16 zones and you can put up to 32 channels in a zone, but you have to program at least one of the programmable buttons as a channel selector, or one for channel up and one for channel down.
Is that clear as mud?