No. Command line arguments cannot exceed a small size. If you want to be passing larger amounts of data between applications, you need to use standard IPC techniques (see perlipc). Something like this:

# in parent
open(CHILD, "|other_program arg1 arg2") or die "other: $!";
print CHILD $large_amount_of_data;
close(CHILD);

# in child
local $/;
$large_amount_of_data = <STDIN>;
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Again, see perlipc for more examples and alternatives.