Yes, we're getting the real deal and after years of long wait, MKI is finally getting a BVR which suits its "Air-Dominance Fighter" moniker and from what I have heard is that IAF is pushing for a max load of 8 R-37M per MKI. Bear in mind that current Flankers carry 2 R-37M as standard configuration load.
8 missiles will turn it into a dog. These are 500 kg missiles, it won't even go supersonic at that point. The inlet tunnel is the only place the jet can carry missiles and still stay supersonic on the Su-35, similar to below.

SM2 has been observed to carry 3 missiles. 2 in tunnel, 1 underwing. But definitely loses points in performance.

It's unclear if MKI will be able to operationally employ more than 2 missiles without sacrificing speed and agility. But if all it has to do is be a subsonic bomb truck, then 8 are possible. Su-35 and SM/SM2 at least have higher thrust engines.
USAF had once pointed out that the F-35A's acceleration will be far superior to the MKI's when carrying 6 AMRAAM-class missiles along with 2 WVR. So being beaten by the F-35A doesn't make things impressive for the MKI, and it will be worse with R-37M.
But both Su-35 and SM have only been observed with not more than 1 or 2 missiles over Ukraine. So real operational limit is the ones on the fuselage.



