Max payout rules?

I noticed some books list pretty low max payouts on parlays or certain props, and now I’m wondering how strict these caps really are. Like if I put in a long shot parlay and the payout’s crazy, are they just going to slice it down even if I won fair and square? Kinda messes with the whole idea of grinding value bets or looking for edges if you can’t even cash out full wins.

I always try to play the long game and not get burned chasing unicorns, but it seems like the house always has another way to limit upside. Just curious how others here deal with these limits or if anyone actually hit something big and had trouble collecting. If a sportsbook changes the rules on a big win, that doesn’t sit right at all.