There is no relation between formula fields and characters. This can be an outdated question.
https://help.salesforce.com/s/articleView?id=sf.formula_field_limits.htm&type=5
"Save size limit — Formula fields can’t exceed 4,000 bytes when saved. If you use multi-byte characters in your formula, the save size is different from the number of characters
Compile size limit —Formula fields can’t exceed 15,000 bytes when compiled. The compile size is the size of the formula (in bytes) including all of the fields, values, and formulas it references. There’s no direct correlation between the compile size and the character limit. Some functions, such as TEXT, DATEVALUE, DATETIMEVALUE, and DATE significantly increase the compile size."
According to https://help.salesforce.com/articleView?id=sf.customize_ui_settings.htm&type=5
Formulas: maximum length 3,900 characters
Formulas: maximum size when compiled 5,000 bytes
Formulas: maximum size when saved 4,000 bytes
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