It's not really that the electronics limit the current to any specific value, it's that the very nature of what a VFD is precludes the concept of reverse power flow from the get go.
A VFD uses the line power as a resource to CONVERT the AC to DC, then uses the DC as a new resource to convert the DC back into AC for the motor. If the spinning motor becomes an induction generator because of the loss of power on the AC side, as in the case of a fault, then the regenerated AC might go from the motor back into the drive as DC on the DC bus. But a standard drive has no ability to then recreate AC back into the line source, it is a one way trip. So the VFD just trips off on over voltage and the potential energy in the motor stays there. So when doing an Arc Flash study, the motors supplied by a standard VFD are considered non-contributory to the available fault current. That means you ignore them.
There are, however, an increasing number of what are called "line regenerative" drives, also called Active Front End (AFE) drives. They have an inverter at each end of the drive, usually so that any regenerated enery IS pumped back into the line, typically for energy recovery during braking. They are also often used for what is called Active Harmonic Elimination (AHE) as an alternative to other harmonic mitigation strategies. Regardless of the purpose, AFE drives MUST be looked at as contributors to fault current in an Arc Flash study because the motor energy CAN feed back to the line source. It may be that unless someone proves to him that the VFD is not AFE, he is taking the tactic of assuming the worst.