

I think this would fall in to the latter scenario. 46 billion light years is the edge of the observable universe in the sense that light emitted by those regions has reached us by now. But these regions are beyond the cosmic event horizon, which is the distance at which light emitted now will ever reach us. That distance is about 17 billion light years.
If you don’t care about the digits of pi being in base 10, there’s also a formula that can be used to calculate digits at any position you want in hexadecimal without having to compute the preceding ones!