I have found that the limit has indeed been raised to 128 SRVs, which is still not enough for my needs however.
Yes, when editing a Material Instance or a Material Layer Instance, you can check how many the material is using by looking at how many texture lookups the pixel shader is performing.
In laymans terms, here.
As you can see, these two materials have identical results, but one has an SRV count 2x higher than the other. So as usual, when making materials make sure to make them as efficiently as possible!
The wrap only happens once per texture in a shader and this can happen in material functions also, once the wrap has happened that classes as 1 SRV if people want to reduce there SRVs ether use atlas textures or build masks out of gray scale textures to and use the RGB channels.