There is no specific limit for App Registrations in a tenant, so yes, you could create hundreds or thousands of multi-tenant app registrations. There is a limit for the overall number of Directory Objects in a tenant, which includes, Users, Groups, Applications, servicePrincipals, and other resources.
As you mentioned, the default Directory Objects limit is 50,000, which gets extended to 300,000 when a verified domain is added to the tenant. You can get the limit further raised to 500,000 by opening a support ticket with Microsoft. If you have an Azure AD Premium license, you can get it raised beyond 500,000 limit by providing a business justification.
(See related discussion.)