That said, when using utf8mb4 in an index key, MySQL uses the "worst case" of each character being 4 bytes. So it effectively limits the max key size to 3072/4 = 768 characters, when a column is using the utf8mb4 character set.
For practical purposes, this doesn't cause much pain, as it's generally inadvisable to use complete long-ish strings as a key. And there are various workarounds, like using prefixes or hashes as the key, or using binary strings as keys to get the full 3072 bytes (if you don't need collation behaviors).
This is exactly what I mean. 768 characters for an index is woefully bad. And for no obviously great reason: you can just index the encoded UTF-8 text.
This was literally reason why a former company (who will remain nameless) refused to add Unicode support. It's not even an imagined problem.
Spoiler: I literally did this a couple of days ago. The index size bloat means that any possible savings you might have gained from collisions are obliterated from page fetches. I tested with a measly 128 characters vs. a prefix of 16, and that was enough for the average query time to be equal, with the smaller index winning for the minimum.
And why is a 768 character limit woefully bad, but a 2704 character limit is totally fine?