Yeah, there is definitely a rev limiter.
When not in gear, it limits to about 3000 rpm. Go ahead and try it to convince yourself. There is also a redline limiter at around 6500 or whatever the redline is for your engine, and probably even a top-speed limiter which would kick in at approximately 250 km/h (~152 mph).
When you are trying to get a good 0-60 or 1/4 mi time, you should avoid redline at all costs. The worst thing you could do is over-rev a little and cause the rev limiter to kick in, because then you are just coasting down the track until you bring it back down.
However, I don't know what your coworker means by "sounds like" it has a rev limiter. Were you trying to show off the engine by revvin' it?