Is 16TB the maximum amount of storage a node can have? if that's the case, do I need to create new nodes if I want to host more storage?

Node Operators FAQ
20

There is no technical maximum limit. But at some time the amount of deletes become almost equal to amount of uploads, so the node achieve an equilibrium at some point.
I believe the current equilibrium point in about 16TB in one /24 subnet of public IPs, see Realistic earnings estimator

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