► Does it support more than 4 Bulbs, I am interested in buying 8 Bulbs for my Media Room?

Yes, 200+ bulbs per group (aka channel or zone) up to 4 groups. More 4groups if you use multiple remotes and/or multiple wifi bridges.
I would suggest putting some of the 8 bulbs into 4 groups, i.e. front 2, side2, side2, back 2.
Even if all 8 bulbs are on the same light switch, you can still sync(aka link) the lightbulbs into a multiple groups.

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