Yes, you can limit the file upload size, although there is already a 150 MB limit cap. This means that form users cannot upload files bigger than 150 MB on each upload field.
To limit the file upload size, go to your Form Editor and click on the File upload field in your form. Its Edit Field panel will open up on the left side of the page. In the Max file size box, type your preferred maximum size (in KB). If you want to add a minimum size limit, type in the Min file size box. That’s it.