The process will create temporary work files in the folder specified for such things, the largest of which is limited to just a touch over 1Gb which does in fact realte to the Access 2 Gb constraint.
It's not a limit for the number of records as such but rather one for the total data capacity in the process. A lot of fields, and especially a lot of calculated fields, can eat into the space available.
It may not be easy to come up with a usable alternative view.
I've come up against the same problem at a recent customer. One option is to run a script against the file to break it into smaller chunks. It might also be worth looking at using Datawatch|ES rather than desktop Monarch. Rather than create an Access database of each year, you could preserve the report archive and be able to query across it.
Don't know whether this will help, but have you tried openining the text file as a database in Monarch and applying Source Filtering as it is opened. I have used this on somewhat smaller text files, but do not have anything like the size you are working with.
If it works you should get a Table of the filtered data you can then export to Access.
Best of Luck