No, there is no check.
lua will do what you tell it to do and ESO will freeze and crash if your loops take too long or are infinite
You need to handle that with some variables, like a maxLoops number or a boolean check or similar, yourself.
Best you can do is use an IDE which shows you recursive calls of your functions, leaking global variables etc. so you can check that yourself before doing the next /reloadui ingame.
https://www.esoui.com/forums/showthread.php?t=9875