Yes it certainly would and Excel only can read 1,048,576 rows anyway.
I had a workaround for that but the Eloqua Data Card records only export to .XLS & no option for .CSV
If it did have a CSV option then you could open the file in CSVed (handles at least 4m records) & do your filtering/sorting or split in halves so you can work in excel.
So you are still stuck. Maybe support team can do some back-end export magic for you.