Will the Sprite Packer ignore 'Max Size' set in a Sprites' import settings?

I've set a texture that is at a larger size to have a Max Size of 512 in its Import Settings. It also has a packing tag. Will the Sprite Packer ignore this setting when creating atlases? The reason I ask is I'm seeing this error when the build attempts to create the atlases. Failed executing selected SpritePackerPolicy.ArgumentException: Atlas "GraphicsUI (Group 0)" (2048x2048) can't fit sprite "SpriteNameHere" (1747x2133). Even though my 'SpriteNameHere' sprite has a max size of 512.