Can bitonic sort be applied for any number of elements?

Can you elaborate on the potential applicability of bitonic sort for sorting any number of elements? Specifically, how does it handle sorting arrays of varying sizes, and are there any limitations or considerations that one should be aware of when utilizing this sorting algorithm for different numbers of elements? Furthermore, does its performance scale efficiently with an increasing number of elements, or are there certain thresholds where other sorting algorithms might be more suitable?