So you precompute the noise function and store it in a texture?
No. Though you can, if your use case makes it advantageous to do so.
Think of "channels" as meaning "layers" of noise in this context.
This.
Basically, we are generating 1+4 independent layers of fractal noise, the first one used for terrain height modulation, and four less precise ones (each with a specific spectrum) for various tasks within the generator. The generated noise is cached in textures for perf reasons, though you don't have to, as swiftcoder wrote.
Running out of the channels here means that for some (new) stuff we don't have enough of these layers, and would need more, with different characteristics maybe. But that means there would be more GPU memory needed for the cached data, and that is not very good since Outerra consumes quite a lot of it already.
There are some tricks that I hope to use, like combining several noise channels of different spectra into one, and then separating them with a filter. That would reduce the precision though, so I need to experiment.