Leave the limiting up to who ever's going to master it, if its going to be released.
If your just doing it for general learning then first of all you should probably do the EQ after the distortion. dist->eq->limiter .
Limiter just crushes the dynamics (difference between quiet to loud) so it doesnt go into the red, although it will if you push it too hard.
This increases the perceived overall volume, because the quieter dips will be bought up to near the louder peaks, turning the wave picture into a squared block.
It's basically doing compression at a high ratio which is why you get massive jumps in volume when you take the kick out.
Generally there's no need for limiter , except to perhaps 'catch' stray overs , which only matter in a mastering situation.
Much more important is the quality of mixdown that you do.