I have troubles with "estimating".
We want to evaluate the limit with the definition. For all $\epsilon >0$ we have to find an $N$, such that $|a_n-a|<\epsilon$ holds for $n>N$.
The limit in question is:
$$\lim_{n \to \infty} \frac{4n^2 +9}{2n^2+2n+3}$$
We know the limit is $2$.
My approach:
Let $\epsilon > 0$.
$$\begin{align*} |a_n-2| &= \left|\frac{4n^2+9}{2n^2+2n+3} -2\right| \\ &= \left| \frac{4n^2+9 - 2(2n^2+2n+3)}{2n^2+2n+3} \right| \\ &= \left| \frac{4n^2+9 - 4n^2 - 4n -6}{2n^2+2n+3} \right| \\ &= \left| \frac{-4n+3}{2n^2+2n+3} \right| \\ &\leq \left| \frac{-4n}{2n^2+2n+3}\right| \\ &\leq \frac{4n}{2n^2} \\ &= \frac{2}{n} < \epsilon \end{align*}$$
If we choose $N = \frac{2}{\epsilon}$ it holds that $\forall \epsilon > 0: |a_n -a| < \epsilon$, if $n > N$.
My professors approach:
$$\begin{align*} \left| \frac{-4n+3}{2n^2+2n+3} \right| &\leq \left|\frac{3-4n}{2n^2} \right| \\ &\leq \left| \frac{3}{2n^2} \right| + \left|\frac{4n}{2n^2}\right| \\ &= \frac{3}{2} \cdot \frac{1}{n^2} + 2 \cdot \frac{1}{n} \end{align*}$$
We note that:
$$\begin{align*} &\frac{3}{2} \cdot \frac{1}{n^2} < \frac{\epsilon}{2} \Leftrightarrow \frac{3}{n^2} < \epsilon \iff n > \sqrt{\frac{1}{\epsilon}} \\ &2 \cdot \frac{1}{n} < \frac{\epsilon}{2} \Leftrightarrow 4 \cdot \frac{1}{n} < 2 \iff \frac{4}{\epsilon} < n \end{align*}$$
Then:
$$\begin{align*} &\text{Let } N > \max\bigg\{\sqrt{\frac{1}{\epsilon}}, \frac{4}{\epsilon} \bigg\} \\ &\implies\forall n > N \text{ it holds that } |a_n-a| < \frac{\epsilon}{2} + \frac{\epsilon}{2} = \epsilon \end{align*}$$
I have the following questions:
$1.$ What is wrong with my estimation?
$2.$ How does my prof get to $\frac{3}{2} \cdot \frac{1}{n^2} < \frac{\epsilon}{2}$
$3.$ What exactly does $\max\bigg\{\sqrt{\frac{1}{\epsilon}}, \frac{4}{\epsilon} \bigg\}$ tell us?
Your working has no errors as far as I can tell. Sometimes proofs like these have multiple ways to approach it; this is one such instance.
To get to the line about $\newcommand{\ve}{\varepsilon} \ve/2$, consider momentarily: we have two terms at this point in the working,
$$\frac 3 2 \cdot \frac{1}{n^2} \text{ and } 2 \cdot \frac 1 n$$
If $n$ is large enough, such that
$$\frac 3 2 \cdot \frac{1}{n^2} < \frac \ve 2 \text{ and } 2 \cdot \frac 1 n < \frac \ve 2$$
then clearly
$$\frac 3 2 \cdot \frac{1}{n^2} + 2 \cdot \frac 1 n < \frac \ve 2 + \frac \ve 2 = \ve$$
which is enough for what we want.
The goal, then, is to see what values of $n$ ensure this in each case. Well, solving for $n$, these respectively give
$$\begin{align*} \frac 3 2 \cdot \frac{1}{n^2} < \frac \ve 2 &\implies \frac{1}{n^2} < \frac \ve 2 \cdot \frac 2 3 = \frac \ve 3 \\ &\implies n^2 >\frac 3 \ve \\ &\implies n > \sqrt{ \frac 3 \ve } > \sqrt{ \frac 1 \ve } = \frac{1}{\sqrt \ve} \tag{$\ast$} \\ 2 \cdot \frac 1 n < \frac \ve 2 &\implies \frac 1 n < \frac \ve 4 \\ &\implies n > \frac 4 \ve \\ \end{align*}$$
Anyhow. We know that if we choose $n>1/\sqrt \ve$, the first inequality is given, and if $n>4/\ve$, the second one is too. But we want both to be satisfied together. So we want $n$ greater than both of them.
The $\max$ function is ideal for this purpose, and ensures both are satisfied. It's as simple as realizing that
$$\begin{align*} &\max \{x,y\} \ge x \\ &\max \{x,y\} \ge y \end{align*}$$
All in all, this - optimizing individual terms, and using $\max \{\cdots\}$ to let it all work - might seem clunky at first, but it's a bread-and-butter trick for analysis. It's usually a lot easier to handle individual terms, rather than complicated fractions.
That doesn't invalidate your method, of course, but it would be a very good idea to be aware of this trick for future use.