The remarkable cohesion and coordination observed in moving animal groups and their collective responsiveness to threats are thought to be mediated by scale-free correlations, where changes in the behavior of one animal influence others in the group, regardless of the distance between them. But are these features independent of group size? Here, we investigate group cohesiveness and collective responsiveness in computational models of massive schools of fish of up to 50,000 individuals. We show that as the number of swimmers increases, flow interactions destabilize the school, creating clusters that constantly fragment, disperse, and regroup, similar to their biological counterparts. We calculate the spatial correlation and speed of information propagation in these dynamic clusters. Spatial correlations in cohesive and polarized clusters are indeed scale free, much like in natural animal groups, but fragmentation events are preceded by a decrease in correlation length, thus diminishing the group's collective responsiveness, leaving it more vulnerable to predation events. Importantly, in groups undergoing collective turns, the information about the change in direction propagates linearly in time among group members, thanks to the non-reciprocal nature of the visual interactions between individuals. Merging speeds up the transfer of information within each cluster by several fold, while fragmentation slows it down. Our findings suggest that flow interactions may have played an important role in group size regulation, behavioral adaptations, and dispersion in living animal groups.