Do you lose your license for going seventeen miles over the speed limit in Texas?

Not for a first offense possibly. Depends upon the other circumstances, too. Say, if the speed limit was 35 and it was snowing heavily, one could receive a ticked for going the posted limit as that would be way too fast for the conditions.

Just because there is a posted speed limit, the keyWord here is "limit", that is the fastest speed that is allotted for that road ... it is not the 'required' speed to travel.