The Limiter in the Multiband Compressor operates differently from something like the Hard Limiter effect. After applying limiting based on the Threshold, the output is amplified to reach the level set by the Margin, which can result in a louder overall signal. This behavior is by design and is detailed in this article: Adobe Audition Multiband Compressor.
If the output is too loud, you can reduce it by adjusting either the Margin or the Output Gain. Keep in mind that the Threshold operates on the signal after Output Gain is applied, which can affect how the limiter behaves.
For a more straightforward approach to limiting, consider using the Hard Limiter effect.