Had to write a PowerShell script to go through a bunch a lists across different sites to enable Metadata Navigation and Filtering and include some Key Filters.
Set to 5000 by default, and should not be increased, unless you like slow performing SharePoint sites.
Reducing the list view threshold provides very minimal performance gains, so don’t bother.
- Accessing list views that contain too many items
- Pagination does not help, as the backend query is getting all results, and pagination only breaks up the query results
- Attempting to perform privileged operations (adding a column, creating an index, adding content types)
- Custom code that accesses a large list