A plain material derivative of the conformation tensor is not an objective time derivative: an observer undergoing a time-dependent rigid rotation would infer a different constitutive response, and even rigid-body rotation could appear to change polymer deformation. The upper-convected derivative subtracts deformation and rotation carried by the velocity gradient and is frame indifferent.
The Oldroyd-B model is often inadequate because its Hookean dumbbells are infinitely extensible. It predicts constant shear viscosity rather than shear thinning, zero second normal-stress difference, and an unbounded extensional viscosity at a finite extension rate. Real polymer chains have finite extensibility and commonly exhibit shear thinning, bounded extensional stress, multiple relaxation times, and nonlinear solvent or concentration effects.