Comment by ssl-3
I didn't have any trouble limiting zfs_arc_max to 3GB on one system where I felt that it was important. I ran it that way for a fair number of years and it always stayed close to that bound (if it was ever exceeded, it wasn't by a noteworthy amount at any time when I was looking).
At the time, I had it this way because I had fear of OOM events causing [at least] unexpected weirdness.
A few months ago I discovered weird issues with a fairly big, persistent L2ARC being ignored at boot due to insufficient ARC. So I stopped arbitrarily limiting zfs_arc_max and just let it do its default self-managed thing.
So far, no issues. For me. With my workload.
Are you having issues with this, or is it a theoretical problem?