The important idea here is not that there is some upper bound but that there is a constitutive upper bound. This idea is similar to Clausius's inequality but in a different guise.
You surely learned in your elementary thermodynamics course, the kind that Truesdell detests, that the quantity of heat, say, $\delta Q$ that is absorbed between two infinitesimally close equilibrium states satisfies the inequality $\delta Q \le TdS$ where $dS$ is the infinitesimal entropy difference between the two states. Notice the different notations: $\delta$ v. $d$ where $\delta $ just means "small" while $d$ refers to an exact differential of a state function.
Truesdell (Coleman, Noll, Gurtin, etc.,) generalizes and turns it around this idea with two changes
Replaces both exact and inexact infinitesimals with time
rates, that is in the inequality he replaces $dS$ with the time
derivative of the entropy that is assumed to exists not just in
equilibrium but also during an arbitrary irreversible process always
and everywhere, say $\frac{dS}{dt}$. He also introduces the heating
rate $\mathfrak Q$, not the quantity of heat $\delta
Q$ as being basic; $\int \delta Q = \int \mathfrak Q dt $
Assumes that there is a basic constitutive quantity $\mathfrak B$ characteristic
of the thermodynamic system instead of the product
$T\frac{dS}{dt}$ such that the inequality $\mathfrak Q \le \mathfrak
B$ holds for all processes. The upper bound $\mathfrak B$ itself
being related to a rate (entropy rate) limits how fast can heat be
absorbed by the body and it is as constitutive as any other
equilibrium "state" variable.
To see better its meaning think of the conventional Gibbs formulation of the 1st and 2nd laws. Between two neighboring equilibrium states we have the equation $dU=TdS+\sum_k Y_kdX_k$ when the internal energy change is described by its internal equilibrium sate variables and the $dU=\delta Q + \delta W$ where $\delta Q$ is the absorbed heat from the external environment and $\delta W$ is the work done on the system by its external environment. Now you know that per Clausius $\delta Q \le TdS$, then, per force, $\delta W \ge \sum_k Y_kdX_k$. Now take a deep breath and replace the infinitesimals with time rates by dividing both sides with $dt$:
$$\dot Q =\frac{\delta Q}{dt} \le T\frac{dS}{dt} \tag{1}$$ and
$$\dot W =\frac{\delta W}{dt} \ge \sum_k Y_k\frac{dX_k}{dt}\tag{2}$$
So far we have not done anything new or radical as long as all the ends of the $dt$ time steps do represent equilibrium states.
Truesdell, and actually much earlier Bridgman, Eckart, Bronsted, and others, just stated that something like this should hold no matter what the speed of process is, that is it should hold for any irreversible process at all rates. This is a radical departure form the way Clausius saw this because even the meaning of an expression such as $\frac{dX_k}{dt}$ can be questioned. More importantly, and first Bridgman was to state it explicitly, the difference $T\dot S - \dot Q = \dot D \ge 0$ representing the dissipation is a constitutive quantity characteristic of the thermodynamic body that is subjected to an arbitrary process and $\dot D = T\dot \sigma$ where $\dot \sigma$ is the rate entropy production a result of dissipation. For example, $T\dot \sigma = I^2R$ in a resistor $R$ at temperature $T$ when current $I$ goes through it and it is obviously never negative. This much entropy production is in the very nature of the resistor and all processes by that very nature will automatically satisfy that its entropy production be nonnegative. This is a constraint on the constitutive law and not on the processes.
The way a thermodynamic body and its process are viewed by Clausius and Truesdell are radically different. Clausius sees that the 2nd law limits the kind of processes a body may participate in and the process must satisfy the 2nd law. In contrast, Truesdell sees the processes are arbitrary but the body's own constitutive relationships are limited by the 2nd law. This is why Clausius deals with reversible processes while for Truesdell the process can be anything.
Regarding your last question, set $\mathfrak W=0$, then $\dot {\mathfrak E} = \mathfrak Q \le \mathfrak B$ showing that the rate of internal energy increase in workless heat exchange is also limited by the same bound.