I'm also interested in the full list of limitations of Next-Gen. I did find this FAQ that states next-gen is Azure only:-
https://www.vmware.com/content/dam/digitalmarketing/vmware/en/pdf/cloud-services/vmware-horizon-clou...
Q. Can you deploy Horizon Cloud next-gen on-premises
or other types of public cloud?
A. At this time, the next-gen architecture is available only for
Horizon Cloud on Microsoft Azure environments.
Q. If I’m a new Horizon Cloud customer, do I automatically
get Horizon Cloud next-gen?
A. New customers with 100 percent Azure-based
environments are automatically deployed on Horizon Cloud
next-gen. Customers with additional needs, such as hybrid
or multi-cloud support, are deployed in Horizon Cloud.
Looks to me like it's a cloud only offering currently which might be extended to other public clouds and on-prem / SDDC environments?