In case you're still struggling with this, I believe it's (confusing) but expected behavior per docs:
"...the exact length of an invocation URL you can encode in an App Clip Code varies based on the ASCII characters and words you use."
https://developer.apple.com/documentation/app_clips/creating_app_clip_codes/encoding_a_url_in_an_app_clip_code
Topic:
App & System Services
SubTopic:
General
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