I am setting up a new site and created a test user, and came across this same scenario when poking around.

The 'limit number of profiles' would be perfect if it didn't also shutdown the ability to add Organizations. Is the fix for this coming soon? I see the ticket is still open in GitHub, and the problem is still present. I have my limit set for 2 (for now) and we'll see if it becomes an issue or not. 

For our family-focused site, I think the ability to have multiple people tied to one account is actually a great idea, for parents adding their kids, or spouses to 'share' a login while still able to retain independent accounts.