I think so. SOME math is "unreasonably effective" in the physical sciences, in the famous words of Eugene Wigner. And SOME math is a complete fiction, having no possible relation to the world.
How can we tell these two apart? Very often an area of math that has no possible relation to the world suddenly becomes relevant. A striking example is number theory and the study of integer factorization. This was first studied over two thousand years ago and for all that time was regarded as utterly useless, although of great theoretical interest. Then suddenly in the 1980's, computers became an integral part of society and somebody invented public key cryptography, which is based on the theory of factorization. Something regarded as completely useless for two thousand years suddenly became a vital part of society. It's amazing when you think about it.
I don't understand what you mean. There IS NO LOWER LIMIT for an infinitesimal. If you have a system i which there are infinitesimals, you can always divide an infinitesimal in half to get a smaller one. There is no smallest infinitesimal. Of course 0 is the mathematical limit, but infinitesimals can keep getting closer and closer to zero.
The philosophical issues are a mystery. We don't know why calculus works. Newton and Leibniz thought in terms of infinitesimals, but they had no logical explanation to make infinitesimals logically correct.
In the following 200 years, mathematicians finessed the subject by inventing the theory of limits, which replaces the idea of "infinitely close" with the more workable idea of two numbers being "arbitrarily close." So infinitesimals were banished from math.
In the 1960's, the theory of infinitesimals was rescued and made logically correct. But as I noted, we still teach calculus and do advanced math using the traditional theory of limits. Infinitesimals have not gained much if any mindshare.
This would all change if tomorrow morning professor so-and-so in Helsinki proves that P = NP using infinitesimals. Then everyone would become interested in infinitesimals.
Until this happens, limits are in and infinitesimals are out. But these things are historically contingent. There's no telling how future mathematicians will think about things.
As far as the philosophical issues, there's a mystery. It goes back to Euclid. Euclid said that a line is made up of points. But points are dimensionless and have no size; yet lines have both dimension and size.
How do you put together an infinite bunch of dimensionless points of size zero to get a one-dimensional line of any size you like? And for that matter, we can put together infinitely many points to make solid objects of arbitrary volume in n-dimensional space for any value of n.
It's a puzzler. One that no mathematical theory can answer. And it relates to the nature of the world, the question of whether the universe is ultimately continuous or discrete. Nobody knows.