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As far as I understood you, you want to limit submission but also allow other users to fill your form even your submission reaches limit and enqueue them.
There is no unique function for it. However, you can use our Quantity Gift Registry Widget. Its working principle is to decrease item values while selecting by each user. you can think of it as stock. As your user selects items, the value of selected items drop for next selection.
When there is nothing to choose, you can direct your user to another form. I tried to create a condition for it but setting condition according to none items option is not applicable. That's why you may need to put a warning message to inform your user to fill in "WaitingList" form. Please note that you need to create another form to direct your user and need to pre-populate with the main form.
This is the guidance of how to pass a form data to another form.
If you need any further assistance from our side, please do not hesitate to contact us.
Please note that I forward your request also as a feature request to our developer team.