Hey there @Acindian! Welcome to the community! I believe you should be able to clamp the velocity at the end of your movement equation using Get Velocity -> Clamp Vector -> Set Velocity. This however will only work for it’s own movement. Otherwise you’d have to clamp the velocity OnTick which is less desirable.
There was previously a terminal velocity setting in project settings, if that’s still available would work but would apply it to all actors across the project evenly. For example a feather and a brick will have the same terminal velocity.