The issue you've identified is indeed something that can impact the performance of linear probing. When you try to look up some element, you may have to look pretty far from where the initial hash probe started in order to find your element.
That being said, linear probing is extremely fast in practice, and that's mostly due to locality of reference. The cost of looking up something in memory is not uniform - if you look up an address near something you've already read recently, chances are that memory region has been pulled into cache and the cost of looking things up is extremely low. As a result, the cost of those probes in practice is often less than you might naturally expect, since those probes are probably pretty quick.
However, this doesn't mean you can ignore this fact. There are a number of issues to keep an eye out for. First, as the load factor of the table increases, there comes a point where the cost of hitting other elements starts to make lookups take progressively longer and longer. Usually, you'll see people rehash into a bigger table at around a load factor of 75%. Second, you need to have a pretty good hash function, since if you have a low-quality hash that drops lots of elements into similar locations, you'll get really terrible performance for the reason you've mentioned.
There are a couple of techniques you can use to mitigate this. Robin Hood hashing works by moving around elements after they've been placed down so that elements that are closer to home get pushed further away to make room for elements that are closer to home. This makes the average cost of a lookup a bit higher, but dramatically reduces the worst case cost of a lookup (in other words, it reduces the variance of a lookup cost in exchange for increasing the expected value of that lookup cost). Hopscotch hashing works by capping the maximum distance that elements can be displaced and maintaining a bitmask indicating which elements nearby might be a match, reducing the amount of work that you need to do to find things. And the new Google flat_map
starts with linear probing and uses really clever hashing and parallel memory operations to make lookups extremely fast.