No, there is no penalty. Google will only show & # 39; x & # 39; the number of characters anyway, so the meta description is truncated.
Portent Reference: https://www.portent.com/blog/seo/new-character-length-google-serp-snippets-meta-descriptions.htm
Update as of May 2018: there is do not fixed length for search fragments according to another tweet by Danny Sullivan on May 14, 2018. So, do Meta Descriptions matter? I have some thoughts, read more here: Descriptions of the goals are still important!
In case you have not yet heard, on December 1, 2017, Google (read: Danny Sullivan) officially confirmed that the maximum length of a fragment in your search results has increased to about 320 characters.