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The direct variational optimization of the two-electron reduced density matrix (2RDM) can provide a reference-independent description of the electronic structure of many-electron systems that naturally capture strong or nondynamic correlation effects. Such variational 2RDM approaches can often provide a highly accurate description of strong electron correlation, provided that the 2RDMs satisfy at least partial three-particle N-representability conditions (e.g., the T2 condition). However, recent benchmark calculations on hydrogen clusters [N. H. Stair and F. A. Evangelista, J. Chem. Phys. 153, 104108 (2020)] suggest that even the T2 condition leads to unacceptably inaccurate results in the case of two- and three-dimensional clusters. We demonstrate that these failures persist under the application of full three-particle N-representability conditions (3POS). A variety of correlation metrics are explored in order to identify regimes under which 3POS calculations become unreliable, and we find that the relative squared magnitudes of the cumulant three- and two-particle reduced density matrices correlate reasonably well with the energy error in these systems. However, calculations on other molecular systems reveal that this metric is not a universal indicator for the reliability of the reduced-density-matrix theory with 3POS conditions. [ABSTRACT FROM AUTHOR]