Firmware v1.55 (Beta) | LZW31-SN | Dimmer - Red Series (Gen 2)

Have you queried the device parameters to see if it actually gets set in the device? This previous thread indicates that the limit is hardcoded in the firmware not the device handler. Its possible that HA is not restricting the range, but the internal firmware may just be ignoring the 50 and internally limiting it to 45 (or less).