That is one aspect, but not the important one. The most important element is anti-corruption. Legal bodies can always entrench themselves and their own interests. Term limits significantly weakens entrenchment...excepting when the same legal bodies inevitably gut it.
That's in fact not at all what the research says. There's a decent amount of research that suggests that they actually increase corruption. There's overwhelming evidence that they increase the power of lobbyists and interest groups.
This is a classic one of those ideas that many people intuitively "feel" makes sense but is actually just terrible policy.