I suppose it means by what is meant by an "observation". Is that an entire time series for a single property or a single point? Nevertheless, the number of points absolutely matters.
A regular Postgres database can give you 50-100K inserts per second and can scale to at least 1B rows with 100K+ individual series without much difficultly. If you know you will need less (or much less) than this, my suggestion is to use a regular table with a covering index. If you need more, use ClickHouse.
500 million active time series is extremely huge.
It does not have anything to do with number of data points.
Good time series databases can scale to 1M-10M writes per second without a hiccup.