Yes, exactly. The point of Limited Liability is not simply to create a guaranteed path to profit (in fact it does no such thing; LLCs go bankrupt every day, and members can lose every penny they have personally invested).

Though there is no explicit "benefit to society" clause, that is the basic rationale for limited liability. It's an incentive to allow members to define the extent of their personal financial exposure. In so doing, they are more willing to invest in businesses, which can produce a net benefit to society (e.g. by employing people, paying taxes, etc.).