How many devices Android 4.0+ can support connected simultaneously? Did anyone know how many devices connected simultaneously Android 4.0+ can support using Wi-Fi hotspot? Is there any limit?

Just to make sure that we are don't talking about 'operators tether limitations', I'm presuming that we are creating a Local WLAN with an Android device. It's like use an old Galaxy S2 as a home Intranet to connect my TV, smartphones, tablets, computers to a media server, without any outside (Internet or 3G) link.
As far as I can see, there is no software limitation, and google's page on it says nothing about that (https://support.google.com/nexus/answer/2812516?hl=en&amp;ref_topic=3416342).  However, your phone's hardware may not be able to support that, for instance my Nexus 4 gets very hot with only one computer connected, and it will also be slow as all connections have to be routed using the phones limited processing power.