The model of interest is a 2-level system (e.g. an atomic transition) inside a damped single-mode cavity.
The purcell effect states that the atomic decay rate inside the cavity $\Gamma_{cav}$, on resonance, is enhanced compared to the free-space decay rate $\Gamma_{free}$ by the following factor: $\frac{\Gamma_{cav}}{\Gamma_{free}} = \frac{\lambda ^3}{V} \frac{Q}{8 \pi}$ (up to a constant) .
For cavities with large volume, this ratio goes to zero. Even though the atom is resonant with the cavity mode. One could now place an atom inside a macroscopic cavity and prepare an excited state for a very long time, even though the transition to the groundstate is dipole allowed. This is not observed in practice(?) So my question is now, where does the model assume a volume "that is not too large".
In the next paragraphs I present parts of a derivation of the purcell factor. A heuristic argument can be made with Fermis Golden rule, which gives an expression for the decay rate $\Gamma = 2\pi \frac{|\langle f| e\vec{r} \cdot \vec{E}|i \rangle|^2}{\hbar^2}D(w)$.
$\Gamma_{free}$: Because the coupling matrix element scales like 1/V and the density of states scales as $D_{free} $ ~ $ V$, the free space decay rate is independent of the volume. $\Gamma = \frac{8 \pi^2 \epsilon_{0} \vec{d}^2}{3\hbar\epsilon_{0}\lambda^3}$ with $\vec{d} = -\langle f|e\vec{r}|i \rangle$. [Derived more rigorously with a Wigner-Weisskopf treatment in most Quantum Optics textbooks]
An expression for $\Gamma_{cav}$ can also be derived by evaluating Fermis Golden rule. The density of states inside the cavity is volume independent: $D_{cav}(\omega) = \frac{1}{\pi}\frac{\omega_{c} /2Q}{(\omega - \omega_{c})^2 + (\omega_{c} /2Q)^2}$ and integrates to 1 (single mode cavity). Where $Q = \frac{\omega_{c}}{\delta\omega_{c}} $ is the quality factor describing the width of the lorentzian, which is centered around the frequency $\omega_{c}$. If the cavity is tuned near the atomic frequency, then the density of states reads: $D_{cav}(\omega ) \approx 2Q/\pi \omega_{c}$.
For the single mode cavity, the diple interaction term reduces to a Jaynes-Cummings Hamiltonian: $H_{AC} = -e\vec{r}\vec{E} = ( \hat{a}^\dagger + \hat{a})(g\hat{\sigma_{+}} + g^{*}\hat{\sigma_{-}})$, where the coupling is $ g = \vec{d}\frac{ \vec{E} }{|E|} \sqrt{\frac{\hbar \omega_{c}}{2 \epsilon_{0} V}}f(r) $. The factor $f(r)$ is introduced in order to describe spatial variatons of the electric field, it is obtained by solving the classical maxwells equations with appropriate boundary conditions. The quantization volume here is then not the volume of the cavity, but rather the integral $\int_{}^{} f(\vec{r}) \,d\vec{r} $.
A real world cavity has non-zero transmission, which is modelled by a phenomenological Hamiltonian coupling the cavity mode $\hat{a}$ to a reservoir of modes outside the cavity. This quasimode treatment is a good approximation to the real situation under certain conditions, for example the requirement of a high Q-factor [Source: Theory of pseudomodes in quantum optical processes; Dalton, B. J. ; Barnett, Stephen M. ; Garraway, B. M.]. For low Q-cavities, the lorentzian lineshape is broad, and the single mode model with phenomenological coupling to the outside breaks down. My guess is that, similarly for large quantization volume, the energy difference between different discrete modes is very small and so the atom really couples to many modes, even in a very high Q cavity.