Many schools, especially larger ones, already limit roster size by having one or multiple cuts. But, a small school may only have 20 or so people come out for the team and may have a co-ed team. Limiting substitutions would limit those players' playing time as well.
Yes, soccer is, in part, an endurance game. But, at the high school level, i would disagree with measuring a players heart by making them stay in the game for 80 minutes b/c of limiting subs. A senior, 3 or 4-year starter can probably do that. But, a talented freshman starter may not be able to and may need to be subbed 1-2 times during the half for 3-4 minutes each time. That's when the bech player goes in.
At some point, with this age, it is not measuring the heart of a 14 year old, it could be a health issue. Come to Charleston in May and play a game and see if most of the team could go 80 minutes, at a level that will allow you to win the game, without being subbed.