Electromagnetic high-temperature therapy is popular in medical engineering treatments for various diseases including tissue damage ablation repair, hyperthermia, and oncological illness diagnosis. The simulation of transport phenomena in such applications requires multi-physical models featuring magnetohydrodynamics, biorheology, heat transfer, and deformable porous media. Motivated by investigating the fluid dynamics and thermodynamic optimization of such processes, in the present article, a mathematical model is developed to study the combined influence of thermal buoyancy, magnetic field and thermal radiation on the entropy generation, and momentum and heat transfer characteristics in electrically conducting viscoelastic biofluid flow through a vertical deformable porous medium. It is assumed that heat is generated within the fluid by both viscous and Darcy (porous matrix) dissipations. The governing equations for fluid velocity, solid displacement, and temperature are formulated. The boundary value problem is normalized with appropriate transformations. The nondimensional biofluid velocity, solid displacement, and temperature equations with appropriate boundary conditions are solved computationally using a spectral method. Verification of accuracy is conducted via monitoring residuals of the solutions. The effects of various parameters on flow velocity, solid displacement, temperature, and entropy generation are depicted graphically and discussed. Increasing magnetic field and drag parameters are found to reduce the field velocity, solid displacement, temperature, and entropy production. Entropy production is enhanced with an increase in buoyancy parameter and volume fraction of the fluid. The novelty of the work is the simultaneous inclusion of multiple thermophysical phenomena, and the consideration of thermodynamic optimization in coupled thermal/fluid/elastic media. The computations provide an insight into multiphysical transport in electromagnetic radiative tissue ablation therapy and a good benchmark for more advanced simulations.