It seems like the lift force would very quickly increase with airspeed (velocity). What I am unsure about is, what forces counteract lift to prevent it from reaching an extremely high value.
Let's look at your equation -
$$ F_l = \frac{1}{2} \rho v^2 C_l A $$
and lets rearrange to isolate the unknown variable -
$$ \frac{2F_l}{\rho v^2 A} = C_l $$
Now let's discuss. In level flight, $F_l$ is a constant equal to the known weight of the aircraft. And we know $\rho$ is a constant. The variable $A$, which is dependent on the aircraft, is also a constant. But look... $v^2$ is there on the bottom and when $v$ gets larger, $C_l$ has to get smaller. And why is that? When the aircraft is in level flight, the force of lift $F_l$ - in other words, the weight - doesn't change. Consequently, only the velocity, and the lift coefficient, which is dependent on velocity, change. This is only true, tho, in level flight, for something called the static performance condition of the aircraft. Increase the velocity, and the coefficient of lift will decrease in proportion to the square of the velocity. But the lift will remain the same.
Ok... So what changes the lift coefficient? As flight velocity increases, to keep lift the same, the angle of attack of the wing must be decreased. Since the coefficient of lift is proportional to the angle of attack, a decrease in the angle of attack will proportionally decrease the coefficient of lift.
So the lift coefficient is also dependent on the angle of attack of the wing! That is why maneuvers with the aircraft are limited to velocities and force loadings within the performance envelope defined by the v-n diagram for that aircraft. If the angle of attack is abruptly increased, the lift coefficient is abruptly increased, and the consequent increase in lift can exceed the load-bearing limit of the wing. Nevertheless, more gradual increases in the lift coefficient can occur in level flight when the aircraft is banked. Even tho the flight path may remain level and $v$ may remain constant, the increase in wing loading is inversely proportional to the cosine of the angle of bank, meaning that in level flight, as the bank angle increases, the wing loading increases. Why is that? The effective weight of the aircraft has increased in direct proportion to the inverse of the cosine of the angle of bank. Consequently, the angle of attack of the wing must be increased in response. What increased the effective weight of the aircraft? Well, centrifugal force, of course. The flight path of the aircraft, even tho level, is a circular arc. The centrifugal force is the horizontal component of the lift force produced in the bank. The vertical component is still equal to the weight of the aircraft. This answer may provide other insights.
So... everything is cool. It's not seemingly complicated. We just need to understand what changes in the equation, and why.