Exactly what it says on the tin. If you reach the draw limit then cast Inspiring Presence, and your opponent's character(s) are in range for the draw, they won't get a draw.
Yeah, this definitely feels wrong. In my case, the draw limit was reached after my opponent used inspiring presence, triggering Altruism in the process, giving him 3 cards while telling my bystanding character "sorry, you dont even get the chance because we already showered your opponent in extra cards". At least 'Penelope' could do 10dmg in punishing afterwards, so the dwarf priest only had 80 Hp left instead of 90.