Yes. It sets the max limit the gyro will command the servo to move in any condition.

If you are getting (mechanical limit) binding (hitting the stops) in one direction compared to the other then your slider is probably not centered in it's travel range when the servo is centered.
Ideally you want the mechanical limits to be the same in both directions.

Once you have the slider centered when the servo is centered ... then setting the limit should affect both sides of the slider travel equally (as opposed to hitting the stops in only one direction).