This problem is studied in detail in Iteration of Sine and Related Power Series. Denoting the $n$-th iterate by $\sin^{\circ n}x$, one has the limit $$\lim_{n\rightarrow\infty}\sqrt n\sin^{\circ n}(x/\sqrt n)=\frac{x}{\sqrt{1+x^2/3}}.$$
Carlo Beenakker
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