We study the large sample asymptotic behaviour of the Maximum Likelihood Estimator of the discount and strength parameters $(α,θ)$ in the Ewens--Pitman model for random partitions, under mild assumptions on the data-generating mechanism. We show that four distinct regimes arise, depending on the limiting behaviour of the frequency spectrum. In particular, in contrast with previous work, we find that $θ$ may play a crucial role asymptotically. We further show that the existing literature implicitly focuses on only two of these regimes, and we relate this restriction to the constraints imposed by infinite exchangeability. Under the latter, indeed, the number of distinct blocks and the frequency spectrum are necessarily tied by a rigid structural relation. We prove that this lack of flexibility can be overcome through what we call the scaled Ewens--Pitman model, in which $θ$ is allowed to grow with the sample size $n$. Finally, we provide empirical evidence from real-world data showing that such extensions are needed to capture frequency spectra that fall outside the classical Ewens--Pitman framework.