Hi Matthew,
I just span a new Cloud SQL VM and it does show the increased number of max connections.
postgres=> show max_connections;
max_connections
-----------------
400
(1 row)
It seems that existing instances might not get automatically the new limit. Our teams are currently working on either automatically allow this configuration based on memory or expose a flag to the user. I do not see an E.T.A but I suggest checking
this report. This discussion about migrating databases might also be of your interest.