Two things:
1. Unbounded may be technically true, but it's really not a hard problem to ensure that time-critical runtime deallocations either rarely happen or are simply never huge chains of objects that release each other. Source: Used C++ & boost::shared_ptr/boost::weak_ptr extensively in game development and never had unexpected jank due to deallocations.
2. There's no actual reason that the full deallocation needs to happen immediately in all reference counting implementations. If you have hard time or latency constraints you could queue up the actual dereferencing and ensure that you only dereference a certain number of objects per time period.
Yes, #2 changes some assumptions about when objects will be dereferenced; in C++ one might rely on guarantees that objects are immediately released along with associated resources. But if you go into a project knowing that it needed to support deferred reference counting, manually releasing critical resources is hardly the worst thing you'd need to do.