I recall a few of the G3 upgrade cards Sonnet shipped stated in the manual that they only worked up to 9.1. It is possible people found workarounds later, but in general at the time I recall 9.1 being the ceiling for anything Pre-G3.
I was wondering the same thing - it is possible there are some later applications like iTunes or something that require 9.2 but at this moment I don't recall.
As far as things that only work under 9.2 and not 9.1, I’m not sure. But I do find 9.2 faster than 9.1. You can still get some of the speed boost by installing 9.1 on machines that won’t boot 9.2 but dropping in the Finder from 9.2 in place of the 9.1 Finder.