This is a good example of how to throttle individual devices. By using the device twin's desired properties, the settings are cloud manageable for individual devices.
IoT Hub itself has no option to set a limit per device. Although, in case you have a device out of control and flooding your IoT Hub with messages and causing negative impact on your other devices, you can block this device temporarily from connecting to IoT Hub by setting its status to disabled
az iot hub device-identity update -d {device_id} -n {iothub_name} --set status=disabled