Since Bitcoin Core pull request 5843, incoming messages larger than MAX_PROTOCOL_MESSAGE_LENGTH are rejected. This constant was initially set to 2 MiB, but later (as part of the segwit changes) increased to 4 MB.
Its purpose is memory DoS protection. An attacker that manages to open many connections to a victim node could otherwise e.g. start sending messages of 32 MiB (MAX_SIZE for all serialized objects), but never send the last byte. Those just-below-32MiB messages would need to be kept in memory before until the last byte arrives, before processing them. Limiting the maximum valid message size significantly reduces the impact of such an attack.
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