That will limit the current but when it does the power dissipation will be huge.
If the drains of Q1 and Q2 are shorted to +V with the gate voltages taken high. The voltage across R4 will rise until Q3 shorts the gates of Q1 and Q2 to 0V. An equilibrium will soon establish with about 3V across R4, and the 555 timer's output being short circuit to 0V. The whole think will cook pretty quickly because the power dissipation will be high.
I take it, the LED symbolises the coil?
Don't forget that the load is inductive which is important.
You don't want an equilibrium to form, you need oscillation.
Here's an idea.
When the votlage between Tr2's base and emitter exceeds about 0.6V it will turn on which will pull 555's pin 4 down resetting the timer causing the output to go low, turning off Tr1. The output will go high again after a period determined by C2, R1 and R2's setting.
R4 will need to be a pretty large power resistor rated to 65W. It's possible to reduce the size of the resistor but you'll need to replace Tr2 with a use a comparator and a voltage reference.
I noticed you're using a NE555 rather than the 7555 so I added a capacitor to pin 5 as is recommended by the datasheet but it doesn't make any difference to the operation of the circuit.
I haven't simulated of tested this circuit but it should work.