Yes, token burning is a method that can prevent token inflation by limiting the supply.
We know that the more token supply the less the price because the availability of the token is still big.
But if the token supply is low, then the price will rising due the demand higher than the supply.
No, token burning is not a method of limiting the supply. Token burning is a process where they permanently remove the existing/circulating supply of a certain coin.
But it is true that they undergo this process to lessen the supply and increase the price, however, this is not a successive method nowadays because even if they decrease the supply, they are having a problem of increasing their demand.