First, you don't not want to drill through something while it is hot from the torch. That heat will combine with the friction of drilling and dull your drills faster.
I have not used an induction heater. But I have seen them used. They are very effective. A very safe and economical way to get concentrated heat onto a stuck fastener. The idea with the heat is to expand the metal. As the metal expands, the rust breaks free. Then, as the fastener is cooling, you carefully turn it back and forth to further break the rust bond. Then you can remove the fastener. That's the theory. It does not work 100% of the time but it's one of the best methods. Also, after heating, hold some wax - a candle or crayon or chicken of beeswax on the threads so that it melts and gets wicked into the threads as everything cools.
The only advantage a torch has over this is that if the heating and cooling doesn't work, you can use the torch to easily cut the offending fastener. Liquid (molten) metal is never tight. However, especially in tight places, it is easy to damage other things with the torch.