This problem has already been reported, but that topic is already closed without a resolution, so I’m starting a new one.
In short, too many (non-failing) projects are shown on the dashboard while some failing ones might not be shown. The linked topic has screenshots as well.
On top of that, the text at the top of the dashboard (“X of Y projects displayed”) is incorrect. When I set the dashboard limit to 1, it says “1 of 86 projects displayed”, when I set it to 2 it says “2 of 76 projects displayed”, when I set it to 3 it says “3 of 75 projects displayed” etc. In all those cases a lot more projects are actually shown. The “of Y” part should also not be changing, as the number of existing projects is exactly the same all the time (I’m only changing the “Maximum Projects” dashboard setting).
I’m seeing this behavior with the current cloud version (2019.4.7).