Hey @Roland_Alden!
Both of these rate limits are measured on a per-workflow basis. Any request that comes in after the rate limit has been hit should fail in either case. There is some queueing that happens due to the nature of how Workflows are run but Retool will actually start rate-limiting concurrent workflows before the limit is hit so that any queued workflows won't cause the rate limit to be exceeded.
There is a request open to add more support for batching loop blocks that I can report back here on. For now though, you may need to do it manually.