Probably because iterm itself isn’t doing any serial communication (or communication of any sort)?
You’d usually be using some other program like screen, minicom or picocom (or ssh or telnet or ..) to do the communication, and executing that as the command in iterm. You should be looking at whatever your shell command is.
And as a data point, I’m on 10.11.5, and I routinely use both screen and picocom to connect to our test devices at 115200 baud (in an iTerm 3.0.5 window), with absolutely no problems in the serial communication.