A limiter does exactly what a compressor does but a compressor can’t do all that a limiter can.
Limiters prevent sound levels from going beyond a pre set point. They generally have high compression ratios from 20:1 to Infinity: 1.
This means that a compression ratio of 20:1 that the input signal increases beyond a preset point, the limiter will only allow an output gain of 1 dB.
This makes limiters critical for in-ear monitoring systems, radio and TV broadcasting as well as vinyl disc cutting systems.

You can easily get by without a limiter in your home recording studio. Compressors normally use lower compression ratios, like 2:1, 4:1, 8:1 range  so as you can see, the amount of gain reduction with a compressor is not as drastic as with a limiter.

Compressors are used to reduce or control the dynamic range of a track. This means the difference in volume between the loudest notes to the quietest notes. Compressors are used more for the individual vocal and instrument tracks you record moor so than the overall ones.

Read more about studio compression