According to the "The gen on the 2TiB disc size limit" FGA, the limit comes from MBR having a 32 bits wide field for a partition's sector count. With 512 byte sectors (the usual size), you can address only up to 512 × 232 bytes, or exactly 2 TiB.
Many disks these days have larger physical sectors of 4 KiB (called "Advanced Format" in various places); however, they almost always report each physical sector as eight logical 512-byte sectors, in order to remain compatible with all existing software (which might make incorrect assumptions about sector size always being 512 b). So they are still affected by MBR's limitations.
But I'm guessing (although the screenshot doesn't show) that your disk probably reports the logical sector size as 4 KiB as well, and since the MBR can address up to 232 sectors, you now get a partition limit of 4096 × 232 = 16 TiB.
(This is not to be interpreted as "MBR is okay again". No, MBR with its primary/logical partitions is still as horrible as it was before.)
With MBR, the maximum disk size is 2 TB. It can work on larger disks, too, but you won’t be able to use anything beyond the first 2 TB. However, this only applies to disks with 512-byte sectors (because, incidentally, 512 byte * 2^32 = 2 TB).
There are external disks available which present themselves as disks with 4096-byte sectors. On these disks, MBR can support up to 16 TB. There might also be real (without 512-byte sector emulation) 4K disks by now.
There is, however, the matter of your device. On its info page, there are some important points:
Hard disk: Internal 3.5 inch SATA (NTFS/FAT32, SATA I & II, up-to 2Tb, no GPT)
While they write “internal”, there’s no reason this wouldn’t apply to every disk you connect to the player. After all, the player isn’t booting from this disk. So it definitely doesn’t support GPT.
You may, however, be able to use one of the aforementioned 4K disks.
Best Answer
According to Wikipedia, there is redundancy in the GPT scheme. The GPT table is written at the beginning of the disk, as well as at the end of the disk (see image). In addition each GPT table has a CRC32 checksum.
The redundancy is not available in the MBR scheme (which only occupied the first 512 bytes of a disk). The extra redundancy would allow for more resilience against corruption. The CRC32 checksum allows the system to detect which of the two tables is the correct one to be used to repair the other.