To my knowledge, there is no theoretical limit to the size of a blockchain block - you can design it to be as large as you would like it to be as long as there is enough storage space on the network's devices.
The advantage of large blocks would be that you can fit more data inside them. In the case of Bitcoin, for instance, you would be able to include a larger amount of transactions into a block, which would decrease the wait times for initial mining as well as fees.
The disadvantage is that every block has to be broadcasted over the network, validated by its peers (full-nodes) and subsequently stored. Large block sizes can lead to a blockchain quickly gaining mass, which reduces the amount of devices that it can be stored on. It may also allow the blockchain to be misused for data storage purposes (e.g., Satoshi's whitepaper stored inside the Bitcoin blockchain), as the fees on transaction sizes would generally be lower.
Ideally the block-size should be chosen large enough for the blockchain to fulfill its purpose (e.g., storing transaction data), but small enough so that it does not pose unnecessary burden on the network's peers.
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