There's going to be a regional element to this. Currently, I live in the south, and 2 hours is a good radius for minor races, though if not for a local crit series that takes place only 7 miles from my door, there would be precious few races to go to within that radius. For bigger targets, I'm generally happy to go further - I've done several races the last couple of seasons that were 4-5 hours away. The drive isn't really the factor, rather, whether I'm willing to spend the money on a hotel room for a night or two is a bigger issue. When I raced collegiate, we had a couple 7-8 hour drives, but going to a collegiate race weekend with your teammates is a fun enough experience to make it worthwhile. These days, I would find that hard to do.
On the other hand, I'm originally from New England, moving back sometime this summer, and things in general are much closer together there, including the races. So it becomes harder to justify a really long drive when there are lots of closer races, as in, within 1.5 or even 1 hour. I'll still probably make an effort for the big regional races, like Battenkill or something similar, but... it's like this. I grew up in central Massachusetts, less than a 4 hour drive from New York City for my entire upbringing. And yet I literally never went, except for a school trip in 7th grade, before college, because it's just not worth it. Where I grew up, NYC was REALLY FAR away. So we went to Boston, which at 1-1.5 hours depending on traffic, was still pretty damn inconvenient. That's just how things work in the Northeast.