Bug reported by Aetoriz; I've translated from Japanese and done some further investigation on top.
To test this, the following test avatars can be used (all audio sources are at the avatar's feet):
Audio Source Min/Max distance: 4000/5000; VRC_SpatialAudioSource: Near 0, Far 5000, AudioSourceVolumeCurve ON
avtr_6aee5e4d-6332-4236-924f-0eac0c9168ca
Audio Source Min/Max distance: 4000/5000; VRC_SpatialAudioSource: Near 0, Far 5000, AudioSourceVolumeCurve OFF
avtr_4891cbfa-fd3f-4ef5-9c0c-5610b1e78721
Audio Source Min/Max distance: 0.08/40; VRC_SpatialAudioSource: Near 0, Far 5000, AudioSourceVolumeCurve ON
avtr_08846aff-7c9a-4b38-86c4-ec05e00057ef
Audio Source Min/Max distance: 0.08/40; VRC_SpatialAudioSource: Near 0, Far 5000, AudioSourceVolumeCurve OFF
avtr_f3467a97-a308-4b40-b739-99b3e9ada1e3
These are available on pedestals in world wrld_17b065f0-cded-4169-967c-61539c3b628f . This world has three test PlayerAudioOverride regions:
  1. All avatar limits set to 9999
  2. Default settings
  3. Default settings, but with allow custom curve disabled
We see the following results:
Avatar 1: Audible at >100m distance with no PlayerAudioOverride, or regions 1 or 2. Audio volume reduced on 3.
Avatar 2: Audible in region 1. Very quiet elsewhere.
Avatar 3: Quier in all regions.
Avatar 4: Audible in region 1. Very quiet elsewhere.
日本語要約
VRC_SpatialAudioSourceにAudioSourceVolumeCurve ONを指定した場合、デフォルト状態、およびPlayerAudioOverrideのAllow Custom Curveが有効の場合、Far値制限が適用されないようです。