The “throttle” isn’t really a throttle like the accelerator pedal on a car/truck as it doesn’t directly control the amount of fuel or air going into the engine. The “throttle” adjusts a governor that controls the amount of fuel going into the engine to keep it running at the RPM you set with the “throttle”. I suspect you’ve used similar setups if you’ve used a lawnmower. So, although it may be just semantics, quit thinking of it and calling it a throttle; it is an engine speed control. Because it’s an engine speed control, it’s set up so you can’t over rev it.
You indicate it has a “fast/slow” lever and a forward/reverse pedal (which is NOT an accelerator pedal). So that indicates you have a HST transmission (a rather fancy variable speed hydraulic motor) hooked to a two speed gear box. The forward/reverse pedal controls the direction and speed of the hydraulic motor. Like any other hydraulic anything, it’s performance is impacted by two things: pressure (which gives it torque) and flow (which gives it speed). Hydraulic pressure is relatively constant due to the type hydraulic pumps on these machines. Flow is controlled by how fast the pump is turning so it’s impacted by engine RPM (the engine speed control): more RPM = more flow. So: if you don’t have enough speed (flow) increase engine RPM; if you don’t have enough torque (pressure) give it LESS pedal to maximize pressure.
The fast/slow lever is a simple gearbox. There’s a high gear and a low gear: whatever speed the HST is running is modified by that gearbox before going on to the wheels. High for travel (low torque, high speed); low for work (low speed, high torque).
Same principles apply for running loader, backhoe, or anything else hydraulic. More RPM has little effect on power (theoretically it has no effect but theoretical hydraulic systems have perfect seals that never wear or leak). More RPM directly increases speed. So if you’re running a hydraulic thing such as loader or backhoe and you want it to move more quickly, increase RPM. Want it to move more slowly to be easier to control fine movement; decrease RPM.
Engine speed, HST pedal position, and gear selection all work together to provide adequate speed and torque to the wheels. Engine speed alone sets response speed of hydraulic cylinders on attachments. If the machine is straining: lower gear, less pedal, more RPM.
PTO speed (I believe yours has two PTOs but doesn’t matter) is directly proportional to engine speed. If you’re running something such as a mower, generator, etc. that is designed to run at rated PTO speed, run it with the engine speed at the PTO mark on the tach.
That is not intended to be an engineer level perfect explanation of the theory and maintenance of your machine. It’s intended to be a practical guide for an operator.