Kernel hugepages does not alter the calculation of SHMMAX, which you need to set large enough to fit your largest Oracle SGA. SHMMAX applies to SYS V shared memory, which can be hugepages or use conventional 4K memory pages. SHMMAX is not relevant when you use /dev/shm POSIX shared memory (Oracle AMM).
The Oracle database requires shared memory for the SGA. This can be Sys V (IPC) or POSIX /dev/shm.
Shared memory and semaphores, and the SHM kernel parameters, belong to System V IPC, which can be monitored using the ipcs command. Sys V shared memory can be configured to be 2 MB kernel hugepages, or use the default 4 KB memory pages. Kernel hugepages can drastically reduce the memory requirements for managing required memory pages and make better use of the TLB buffer.
The SHMMAX parameter is used to define the maximum size (in bytes) for a shared memory segment and should be set large enough for the largest SGA size. If the SHMMAX is set incorrectly, for example too low, you may receive the following error: ORA-27123: unable to attach to shared memory segment.
SHMMAX for a server that runs Oracle database is typically set to 4 TB or whatever the platform being x86 or x64 theoretically supports. The parameter is a safeguard parameter. A process cannot use more shared memory than available. Obviously this is not considered a risk when using a dedicated server for running Oracle database.
POSIX shared memory maps shared memory to files using a virtual shared memory filesystem in RAM. It uses /dev/shm and applies when configuring the Oracle database to use Automatic Memory Management (AMM). An Oracle instance can use either Sys V shared memory including kernel hugepages or /dev/shm for SGA, but not both at the same time. You can however use different shared memory concepts for different Oracle instances on the same server. For example, running an +ASM instance using AMM and another Oracle database instance using ASMM.