I can see no evidence to doubt, along with a mountain of evidence to conclude, that at least half the lawmakers in both Houses of Congress are controlled by the billionaires and large corporations. I think most likely the number is substantially higher than that. This isn't new to American politics, nor to politics most anywhere. The most notable time it was the case, other than right now, was during the Age of the Robber Barons.
At any rate, it's unlikely any limit on terms in office could make it through either chamber, now. But for fun, let's assume one was passed into law. Lots of things would happen, of course. One of those things is it would probably impact some of the nuts and bolts about how lawmakers are bought. I'm not sure at any of those impacts would make any practical difference to how things are done today.
In other words, term limits might or might not be a good idea, but I believe it unlikely they would change who controls Congress. To be clear, I'm not talking about party control. I'm of course talking about control by the wealthiest.
So far as I can see, there is no substitute or work around to getting private money out of politics. I think it's best nowadays to start looking into government campaign funding and criminalization of private donations, gifts, etc.