Yes, Magento 2 is capable of handling a product catalog with 1.5 million SKUs. For optimal performance, consider managed Magento hosting services. These providers specialize in Magento infrastructure, offering robust hosting solutions, performance optimization, and expert support to ensure smooth operations for large catalogs.
It will be OK, I used to work on a site with a little over 1M SKUs. Just make sure you have enough server resources as reindexing might be an issue. Good luck!