This new limit section applies to the total length of the URL path to a folder or a file in SharePoint Online and OneDrive for Business but not to the length of any parameters. Also, these limitations apply only to un-encoded URLs, not to encoded URLs. There is no limit to encoded URLs in SharePoint Online and OneDrive for Business.
For additional information on SharePoint Url composition, refer to the details below:
The total length of a SharePoint URL equals the length of the folder or file path, including the protocol and server name and the folder or file name, plus any parameters that are included as part of the URL.
The formula is as follows:
URL = protocol + server name + folder or file path + folder or file name+ parameters