Section V of the Block 50 F-16 Flight Manual, is the "operating limitations". It says:
MAXIMUM AIRSPEED OPERATING LIMITATIONS
Refer to figure 5 3. Maximum operating airspeed is 800 knots from sea level to 30,000 feet MSL. Above 30,000 feet MSL, the aircraft is limited to 2.05 mach.
The introduction to section V states (my emphasis):
The aircraft and system limitations that must be observed during normal operations are presented in this section..
What does "observe" mean? One might assume that means the pilot can just sit back and watch them automatically occur, or the pilot must "observe" them by knowing and acting apon them. As evidence it is most likely this second interpretation, the list of contents in this section appears to be many things that the pilot needs to do.
It does not seem like a list of things the aircraft does automatically.
But more signifficantly, the contents of the flight manual also includes a section describing the flight law control system (FLCS) limiters:
There is no mention of maximum speed.
So, it looks strongly like the FLCS limits 4 things (AOA/G, roll, yaw, rudder authority), and warns you about some other things (low speed), but does NOT limit maximum speed.