There is a trick in graphics where you can render a relatively low quality 2d image from the 3-d data really fast for distant stuff that is too far to fool with a real rendering, but I am not sure V uses that technique. So you can render huge distances; its not a pure technical limitation, but there is rarely any point. Most games also have a tiny bit of 'atmosphere' cloud effect that as distance increases, so does the density of this junk you are looking through, making far away stuff just an outline and eventually obscured. V does have that but you can turn it off I think.

I feel like I can see plenty far, but i wish it uncovered the map out to what I can see. Different topic there.