Does a series resistor limit power consumption?
Just to answer your original question: Yes, a resistor does limit power output of a voltage source. Lets say you have a circuit with 1000 equivalent Ohms on a 10V voltage source. You will observe 10mA of current, this means 100mW of power. Now put in an additional 1000Ohm Resistor and your current will drop to 5mA. You still have 10V over both resistors, so the total power consumed ends up at 50mW.
Of course you cant just limit current and expect everything to work. Usually a circuit will draw as much current as it needs. For your application this is certainly no problem to consider.