The limit does not apply to the length of the literal string, but rather to the definition of the table.
The MySQL documentation states that
Each table has a .frm file that contains a table definition. The server uses the following expression to verify some table information stored in a file with an upper limit of 64 KB.
followed by an ad-hoc equation expressing the approximate size of a table definition.
63136 , .frm 71775 ( 70 ), . MySQL #1117 - Too many columns, , , .
// , . - , 1 .