The Phantom 3 manual recommends not flying in wind speeds exceeding 10 m/s (22 MPH). While the Phantom could no doubt hover in speeds greater than that, it'll have a tough time getting back to the home point when flying into a head wind. If you want to fly in stronger winds, make sure the Phantom is flying with the wind on the way back to the home point.
Yes you do have to know how to read them. And 3000' is the lowest altitude reported, but it gives you a good idea of what is going on.
I always like to fly in Atti mode for a bit when getting ready for a shoot, just to see what local winds are doing. Flying in GPS mode all the time does not prepare you for adverse condition operation, or even spotting high wind.
I have flown in 20kt wind with 35kt gusts but it is no fun and you have to stay low and close, in those conditions I never fly down wind, you may never get back. Stay upwind.