Loading two hundred thousand items into a list is not a viable option. Aside from the length of time it will take to execute the query and load the items, you'll be putting huge pressure on the server's memory, and the client's bandwidth, memory, and battery life.
And it wouldn't achieve anything. If the user could look at one item every second, it would take them over 55½ hours to scroll through the list to find the one item they want.
Based on the CSS class, you're already using
Select2[
^] to let them search the list. Use
the "remote data" option[
^] to only load the items which match what the user is searching for. If necessary, use
the pagination option[
^] to limit the number of items returned in a single response.