Yes, it is limited partially by the IFAB rules around resetting play, and possibly by internal league VAR rules (although I can’t think of any off the top of my head).
It’s stupid, but it is what it is. This is unrelated to your question, but VAR needs a basic overhaul to become “results” oriented. Get the right result at (nearly) any cost. Someone smarter than me can determine what nearly means in that context.
So you have to grant a goal two minutes later, big deal. What’s more of a travesty - granting a goal after 60 seconds of inconsequential play because you realised the mistake, or completely ignoring a valid goal because of the 60 seconds? In my opinion, the integrity of the sport is upheld even if a retroactive decision is taken provided it is done as timely as possible.
If you have to inform the players at halftime that a huge mistake was made and the goal was granted, so be it. It wouldn’t undermine anything. If a goal is scored in the interim, count both. I don’t know, I’m not the expert. But I’ve never understood the rationale behind “once the mistake is made, we have to live with it”. It’s arbitrary and we don’t HAVE to accept that as a fact of life. Set some simple rules around this and get everyone to realise it will happen, and voila, an instant reduction in controversy.
VAR and refereeing in general could be easily improved by an automated software that simply asks the referees about the situation they are reviewing.
Literally just a screen that asks: What are you reviewing? Check all that apply.
Foul? Offside? Unsportsmanlike Conduct?
Then based on what they’re reviewing, each team member reviews one aspect.
Handball? -> Did the ball hit the arm below the shoulder (or whatever the rule they’re using is)? -> Was the arm extended from the body ? -> Was the arm in a natural position? -> Was the arm in movement? -> Blah blah blah you get the point.
At the end of the process it spits out a quick list of potential options and the refs make a decision that has been assisted by the software. And then, because we know what refs are like, it’ll ask them if they’ve checked for obvious errors. “Are you sure you reviewed the right player? Are you sure you want this onside goal to be overturned? Are there any players having their hair pulled by Cristian Romero?” etc.
Oh and train people in this process, so that the VAR team can be composed of individuals who are not mates with Anthony Taylor.