Hi, @Owen B
Thank you for posting your question in the Microsoft Q&A forum.
According to your description, you want to know if the 50Gb limit applies to each public folder. Yes, the 50GB limit applies to each public folder, not to all public mailboxes combined.
Limits for public folders | Microsoft Learn
If you have any questions, please feel free to contact me. If the answer is helpful, please click "Accept Answer" because it can help other members of the Microsoft Q&A community who have encountered similar problems and are looking for solutions. Thank you.
Best,
Jeanne