This is definitely a bug. Trying to open a file by double clicking it in Windows Explorer (File Explorer), should work for any file, and for opening multiple files. If the file name exceeds 127 characters, Explorer will fault trying to pass the arguments to Acrobat. Note: a filename > 127 that ends in .txt will work just fine. Similarly, when opening multiple files, for example highlight several .pdf files in a directory and then double click, it fails if the concatenation of the file names is too long. A directory of A.pdf, B.pdf, C.pdf, will work just fine.
As a student in theology I find this particularly annoying as long file names are entrenched in the writing culture that writes a long title, a long subtitle, etc. The long file names could be less of a problem if Acrobat would use the same metadata as windows for its files. I.e. Title, Subtitle, Author, etc. Its not that big of a change, just populate the metadata for both windows and the current fields. When reading, if there is conflicting data, display a warning and choose the current fields.

Here is the fault shown in the event viewer. This is a file that changes with almost every instance of the C++ redistributables. However I can say that it doesn't matter what version of C++ redistributables are installed, it will still fault. The developer will need to dive deeper into Windows and determine how long file names are handled between Windows apps, which seem to have no problem with them.
explorer.exe
10.0.19041.746
ca234864
MSVCR100.dll
10.0.40219.325
4df2bcac
c0000417
0000000000070468
4b18
01d6ed4be0b3311d
C:\WINDOWS\explorer.exe
C:\WINDOWS\SYSTEM32\MSVCR100.dll
83438464-45a4-4417-a716-f311b4ecf4a3