Is there any limitation of using Bulk update Fields using BOFC?

Not as such. User can update all type of fields like (Text, Currency, Formula, Master-Child, etc).

Experience it for yourself

Bulk Object Field Creator (BOFC) is a must-have tool, designed specifically for Administrators, that simplifies many of the tedious tasks of managing a complex Salesforce environment.

This tool is available on Appexchange and Click on below button to install the
latest version of BOFC

or learn more