I don’t think it has to do with the rate limit. Right now the rate limit is set to 800 and I haven’t been able to make one create clip request yet due to it being 504.
It seems like the service is up but broken, because it will return a correct response when a broadcast is offline or the token is invalid/has incorrect scope. But when a broadcast is online and it tries to make a clip it returns the 504. It would be awesome to hear from a dev on this.