The variable undo-limit sets a soft limit: Emacs keeps undo data for enough commands to reach this size, and perhaps exceed it, but does not keep data for any earlier commands beyond that. Its default value is 20000. The variable undo-strong-limit sets a stricter limit: the command which pushes the size past this amount is itself forgotten. Its default value is 30000.
Regardless of the values of those variables, the most recent change is never discarded, so there is no danger that garbage collection occurring right after an unintentional large change might prevent you from undoing it.
The reason the undo command has two keys, C-x u and C-_, set up to run it is that it is worthy of a single-character key, but on some keyboards it is not obvious how to type C-_. C-x u is an alternative you can type straightforwardly on any terminal.
