Is there a limit of TCP sessions in state TIME_WAIT in Windows?

I am using Powershell to pull data from Exchange via EWS API.

Import-Module "C:\ews_api\Microsoft.Exchange.WebServices.dll"
$ExchangeServer = 'EXCHANGE'
$ExchangeService = New-Object Microsoft.Exchange.WebServices.Data.ExchangeService([Microsoft.Exchange.WebServices.Data.ExchangeVersion]::Exchange2013_SP1)
$ExchangeService.Url = "https://$ExchangeServer/ews/exchange.asmx"
$SearchRootFolder = New-Object Microsoft.Exchange.WebServices.Data.FolderId([Microsoft.Exchange.WebServices.Data.WellKnownFolderName]::Calendar)
$SearchFolderView =  New-Object Microsoft.Exchange.WebServices.Data.FolderView([int]::MaxValue)
$SearchResult = $ExchangeService.FindFolders($SearchRootFolder, $SearchFolderView)

Executing the last line of code will cause a HTTP connection against the Exchange server, which will be left in the TCP state TIME_WAIT for 2 minutes with Windows default settings. Hitting the Exchange server with a lot of queries will result in many TIME_WAIT sessions existing at the same time.

Get-NetTCPConnection | Group-Object State

   Count    Name
   -----    ----
      28    Listen
      10    Bound
       5    Established
       6    CloseWait
     189    TimeWait

There seems to be a limit around 190 TIME_WAIT sessions in Windows, because around that mark I am getting the following error in Powershell.

Microsoft.Exchange.WebServices.Data.ServiceRequestException: The request failed. Unable to connect to the remote server
---> System.Net.WebException: Unable to connect to the remote server
---> System.Net.Sockets.SocketException: Only one usage of each socket address (protocol/network address/port) is normally permitted 10.50.222.87:443

I thought that Windows can allocate a lot more ephemeral ports than that for TCP sessions? And indeed when using another Powershell code sample, I experience no problems.

$connections = @()
for ($i = 0; $i -lt 1000; $i++) {
    $connections += [System.Net.Sockets.TcpClient]::new($ExchangeServer, 443)
}

A thousand connections are opened without problem. However they are in TCP state ESTABLISHED and not in TIME_WAIT. Why am I only running into this issue on TIME_WAIT session states and is there a way to increase this limit?

Get-NetTCPConnection | Group-Object State

   Count    Name
   -----    ----
      28    Listen
    1010    Bound
    1003    Established
       8    CloseWait