Does raising magic with adjustment points give an adept more point points?
It does now. But only for [physical/social] Adept. Not for Mystical Adept.
And What is the level cap of adept powers?
For [physical/social] Adept:
At chargen the cap is equal to whatever current magic is when you exit chargen (typically the max here is 6).
Beyond this you also have Qi focus.
And each initiate grant a metamagic.
Instead of metamagic Adept can pick power point.
Initiate also increase max magic, which mean they can spend karma to increase current magic up to the new maximum magic rating. Each time magic rating is increased they get a power point.
For Mystic Adept:
At chargen the cap from magic depend on magic and resonance priority and also how many spells or rituals they start with (at priority A with no spells the max is 4).
The intent might or might not be that also Mystic adepts may bind Qi focus.
(this edition is actually
really good at listing both Adept and Mystic Adept when they talk about both, but for Qi foci they actually only list Adept...)
Mystic Adept can also pick power point instead of Metamagic during initiation (but they don't gain one for free when raising magic rating).
(Max initiation grade is equal to current Magic rating, so there is really no stop on how many times you can initiate, and by extension there is also no limit on the amount of power points you can get, even for Mystic Adepts - but it will take quite a lot of Karma and Time to get there.... More so for Mystic Adept than Adept).