Simple LM317 variable voltage supply does it limit current too

  
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Assuming I can get 5V in example after adjusting the pot in real use, will the 240 ohm resistor limit the current, or do I have to add something else on top of that afterwards If it does (I can have var. voltage + current limit) I assume I will need to up the resistor power specifications as the current will flow through them (or my after-regulator limiter) Specifically, I do not want a constant current source, because testing
Simple LM317 variable voltage supply does it limit current too - schematic

a home-made solenoid or a random LED I assume the upper current limit I set will let them work and not be destroyed. I want this because I wish to set a limit rather than force 500mA to go through something it does not want to by raising the voltage well above 5V for example.



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