I tried using a basic example that I could graph on desmos, and I'm looking at $f(x)=1/(1-x)$ and seeing how accurate the first-degree Maclaurin series is for when $1/3 \leq x \leq 1/2$. Unless I've done it wrong, it seems to tell me that the accuracy of the Taylor polynomial on this interval is within $2$.
From the graph, the actual maximum difference is $0.5$, but I suppose the inequality gives me a guarantee that I'm within $2$ (even though I could be more accurate in reality?)
What you get from Taylor's formula is that $$ \frac{1}{1-x} - (x+1) = \frac{f''(\xi)}{2}\cdot x^2, \quad \xi \in (0,x), \quad x \in (0,1/2). $$
So, as you say, the maximum error for $x \in(1/3, 1/2)$ is bounded by $\frac{16}{2} \cdot (1/2)^2 = 2$. This is an upper bound for the error, which can be much larger than the actual error. On the other hand, you can also get a lower bound for the error, by substituting $f''(\xi)$ by the smallest value it can take, i.e., $\frac{2}{2}\cdot (1/2)^2 = \frac 14$.
Without any a priori knowledge on the localtion of $\xi$, we can only say that the error will be somewhere between $\frac 14$ and 2.