It seems that user traffic would be negatively affected if entries are not stored because the configured max is too low.
We recently began looking at some networks that were at the cap 8192, so we increased the cap to 16284. After the increase we found these networks had between 10,000 and 13,000 entries.
I was talking to TAC yesterday and he seemed to indicate that having more arp entries would decrease the performance of the switch. I could see how exceeding the hardware limit could hurt switch performance but I don't believe that is not what I am trying to do.
This is an X460-G2 running 16.x.x.x