A "Suffragette" is a woman involved in the women's suffrage movement (trying to get the right to vote). A London newspaper was the first to use the term, and did so in a derogatory manner. In England, women got voting rights in 1918. In the US, it was 1920.
Bowie offered this to the band Mott The Hoople, but they turned it down. Bowie was a big fan of Mott The Hoople, but they weren't selling well and were about to break up. To keep them going, Bowie offered to produce their next album, and although they rejected this, they did record Bowie's "All The Young Dudes," which became a big hit and got them out of a financial mess.
The heavy saxophone backing sound is not a saxophone. It was created by an ARP synthesizer. Bowie wanted a larger-than-life sax sound, so they used the synth to create the sounds that a real sax couldn't.
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