In a way yes, but in a way no. I feel like there is a point that everyone will hit eventually, this point is where you know everything about the game. For example you know frame data, you know all the characters moves, all the animations, all the little tricks gimmicks you can try to pull of, you know all of the 'game' stuff. I feel like most everyone will reach this level with enough time spent on the game.
However, I do not feel like this is a limit, because once you got all that down, the game finally begins to start. Smash seems to me like a head game. You know in poker how people say 'you don't play your hand, you play the opponents hand.' I feel like this is the literal definition of smash. You could get two people who know everything about the game, know EVERYTHING, but one will win and one will lose. You play your opponent, you try to think what he is thinking, try to tap into his mentality, what he feels, when he is getting scared, when he is getting momentum and confidence. It is a head game really, any competitive game is a head game.
Someone mentioned sports, I like that they did for you see in sports there isn't as much of that 'knowing you opponent, getting into his mentality and ****ing him up' for in sports there is 10000000000000 factors that aren't present in smash, and in sports you have 1000000000 more options than you do in smash, this makes predicting and knowing your opponent much harder and less effective than in smash.
TL;DR - Smash is a game about predicting your opponent and knowing him better than he knows himself. There is no limit on that.