What that means is you can earn the tabard, the cloak, the elite title, and there’s also the r1 soloist title confirmed for top percentage of your spec (which is why you’ve got different ratings for different specs when you swap, and it was a bit buggy although I hope they’ve fixed it but I haven’t kept up to date on that part).
What you can’t earn is just the gladiator title and mount, and r1 gladiator title. DF s1 got the Crimson Soloist title for r1 in rated shuffle instead.
Although they’ve reported that the elite rewards won’t be available until later on in the season, which you’ll get retroactively if you achieve the rating required for it before then. It’s because they messed up the implementation of it, and that goes for all ladders.
https://eu.forums.blizzard.com/en/wow/t/update-on-dragonflight-season-1-rated-pvp-rewards/398602
There’s the thread where they mention it. Also includes the weapon enchant not being available, forgot about that part.
The titles will still be awarded when you earn it.