Quantum mechanics imposes no limit on the precision of $\theta$ in the state $\cos(\theta)|0\rangle + \sin(\theta)|1\rangle$.
In practice, because of the limitations of current quantum computing hardware, we currently have no way to prepare the state $\cos(\theta)|0\rangle + \sin(\theta)|1\rangle$ to arbitrary fidelity. So we can't check this unlimited precision claim, yet. But once we get quantum error correction working and scaling, we should be able to achieve arbitrary precision on $\theta$ in a logical qubit, at the cost of adding more physical qubits to increase the code distance.
I think it's interesting that the only known way to potentially access arbitrarily precise values of $\theta$ in practice requires using more and more physical resources to store the relevant state. Maybe there is some deep underlying reason that this is unavoidable, and you could "associate" the increasing precision as being stored in the increasing number of elements in the system, sort of like how adding digits to a counter allows it to be more precise. Or maybe when we actually start making such large states we will find that there is a limit to the precision, meaning quantum mechanics is wrong!