DennisN said:
Also, a "photon period/Universe age hypothesis" won't cover all
possible scenarios like e.g.
Big Crunch (not that I think a Big Crunch is likely

).
The Big Crunch fits the Photon Period picture even better.
The Big Crunch refers to the conjecture that visible universe that eventually will collapse into a singularity the way it began. The ultimated compression of the visible universe is called the Big Crunch. Or as Scott Adams referred to it in "Restaurant at the End of the Universe", the Gnab Gib. So the universe is bounded on one side of time by a Big Bang and on the other by the Big Crunch.
The evidence so far seems to contradict the Big Crunch hypothesis. However, let's consider it briefly (very, hopefully). First, let me say something about what I mean by "visible universe".
When I say "visible universe", I am talking about the region defined by an event horizon at the edge of our region of the universe. The event horizon is the boundary where the galaxies are receding from us at the speed of light in a vacuum. Thus, I am not talking about a universe defined by the strength of our telescopes. For purposes of this discussion, it doesn't matter if there is anything beyond this event horizon.
If the "universe" is infinite, but we live inside an event horizon, then the limits that we talk about only have to be relevant within this event horizon. Semantically, we can redefine the "universe" as every object bounded by this event horizon. Everything outside the universe can be considered part of "other universes". We can talk about everything as belonging in a multiverse. Since scientists can't know what goes on outside the event horizon, the photons that scientists know and love have to be inside the visible universe.
The issue of whether the expansion of the universe is a real expansion or an expansion of space is irrelevant. I think what the OP was really asking for a a heuristic model that can give him a feel for what a limit is.
If the Big Crunch hypothesis is correct, then the visible universe will reach its maximum size midway between the Big Bang and the Big Crunch. One can define the upper bound to the wavelength of an electromagnetic wave as the diameter of the universe at this midway point. This places a lower bound on the energy of the photon. The minimum energy of a photon is hc divided by this maximum wavelength (h=Placks constant, c=speed of light). According to this definition, the minimum possible energy of a photon has a value that does not change with time.
One can even make the heuristic statement that this minimum possible energy of the photon is the rest mass of the photon. The photon has over the length scale of galaxies a zero rest mass. Therefore, the photon presumably has no minimum energy. Particles with mass supposedly are different from a photon in having a minimum of energy defined by their rest mass. However, if the photon has a minimum possible energy than it is like any other particle. The minimum possible energy of a photon is the rest mass. Please note that the forum rules are not being intentionally broken. I am not presenting this either as a challenge to main stream science or even as a description of ultimate reality. I think the OP was merely asking for a heuristic picture of what cosmologists were saying about the electromagnetic field. I suggest that discussions on the size of the visible universe may be equivalent to asking about the rest mass of a photon. If the rest mass of a photon is zero, then the universe is infinite in size.
Experimental indications so far indicate that the rest mass of a photon could be zero and that the visible universe could be infinite in size. Until either is proved false, this should be considered merely a mathematical exercise in dimensional analysis.