For now, the nearest available information may not be fully suggestive of
the possible largest or unofficially supported external HDD it may use...
Since a similar-spec Time Capsule has the option for either a 2TB or 3TB
internal HDD as part of that configuration, the safe bet suggests 3TB.
There may be an issue with larger drives and multiple computers using
one large drive, since I'd seen some mention of a few user problems when
two or more Macs were sharing Time Machine storage on one larger HDD.
And someone may know of the information about a software utility that may
be able to help keep track of the files or organize them, in such a situation.
In passing, some weeks ago, I'd read about such a utility to help alleviate an
issue that may result from two or more Macs with Time Machine files on the
same backup hard disk drive. But did not keep the link nor retain those details.
If you did get a larger external hard disk drive of sufficient spin rate RPM
and cache size, then it may be a simple matter to format it with partitions
so extra space may be in reserve or any capacity unable to work with
the total configuration could be used for general storage, apart from TM.
Hopefully there is a good drive available for that application.
I'd inquire of OWC as they have some examples of hardware.
Good luck & happy computing! 🙂