If the game is forced to run on insufficient hardware or if the hardware is fine but features a strong graphics card whose fps is not limited, then yes serious system damage can occur. Unlike more modern games, TS3 has no functional built-in fps limiter.
Before we can advise which way to go, we need to know more about the system on which you are now playing -- processor, graphics card, RAM, hard drive, and how many (and which) EPs you have in play. If you prefer, or if it's easier, please run a dxdiag report so we can get the full picture.
How to run one: https://help.ea.com/en-us/help/pc/how-to-gather-dxdiag-information
What to do with the results: Send it up to
Pastebin.com (the free version is fine) and provide a link broken up by using "h.t.t.p.s." or something like that so we can read it.
The above assumes we are talking about the Windows version of the game. If you are on a Mac, that would require a different conversation.