My 3016 pulls 10,000 pounds of logs so fast, I had to add a draft spoiler.....the vortex was peeling off the bark.......just kidding.
Yes, on the lever (right rear fender) that raises and lowers the 3 point , you would find 2 friction knobs in the same groove; one knob on top of the lever and one knob on the bottom of the lever.
The bottom friction knob can be set (loosened, moved, & tightened) to limit how far down the 3pt lever travels; limiting the depth of the implement (making it hover).
The upper friction knob can be set (same) to limit how far up the 3pt lever travels; limiting the height of the implement.
There is also a knob at the base of the seat; the operator can control the free-low speed at which the implement can fall (if the 3pt lever is dumped).
There are some aftermarket hydraulic attachments that make the 3pt implement hover and make it move like a carnival ride. The Mahindra (like most tractors) comes with one 3pt arm with a turn-buckle that allows the implement to be tilted or leveled (side to side) and a top connecting link to adjust the attack angle.
Some snow plows and box scrapers also have devices that can limit the depth of their movement; my Rankin box scraper (like most) has teeth with several slots for depth adjustment, and some snow blades, plows, & blowers come with skids.