There are no such limitations for TFS server with SharePoint. Please see the below points:
Here are your main points to note:
You can use Team Foundation Server standard or advanced
configuration wizards to install SharePoint Foundation 2013 on the
same server as Team Foundation Server.
The Team Foundation Server extensions for SharePoint Products are
installed automatically during Team Foundation Server installation.
You can use Team Foundation Server extensions for SharePoint
Products configuration wizard to install SharePoint Foundation 2013
on a different server from the one running Team Foundation Server.
You can use SharePoint Server. If you use the enterprise version of
SharePoint Server, you must configure it for dashboard compatibility
(more on dashboard requirements later).
You can use a different version of SharePoint Foundation than the
one that ships with TFS.
Supported versions, editions
SharePoint Foundation 2013¹ SharePoint Server 2013,¹ (Enterprise or
Standard edition) SharePoint Foundation 2010² SharePoint Server
2010,² (Enterprise or Standard edition)
This clearly states that Team foundation server sharepoint extensions is the key component which can connect to SharePoint with in the TFS server or external sharepoint servers. I have used both and dont see any major differences.
Please refer the below article: