If you already have the router I say give it a try. azazel1024 talks about the Archer C7 and said there is some adjustment that can be made. I assume it does this by buffering the TCP acknowledgement and delaying it so the sending source does not send more data until it gets an acknowledgement.
It would not be the first time I have been wrong. About a month ago I told someone on this forum that you cannot create 2 VLANs and have machines in different VLANs talk without a router. Well I was wrong about that because I was unaware of the "General" port setting. Coming up through Cisco we always had access or trunk ports but not general ports. Well with general ports you can make machines in two different VLANs talk if they are in the same subnet (without a router).
So give it a try, just don't be disappointed if it does not work as well as you would hope.
I assume that is how it is working it, but not really sure.
As for effectiveness, it seems to be pretty effective, again from what I have heard. On my one router I have bandwidth control and never touched it, on my other one, I do not have bandwidth control (current router).
It should be effective. I mean, it is possible it doesn't work at all. My only mention of the variation is that in playing with bandwidth limiting on switches, and a handful of reviews of switchs AND routers that have actually tested bandwidth control, it seems to work well, its just that it might not accurately represent what you get.
For example, on my TP-Link SG2216 switch, if I set a 50Mbps port limit, I find I actually get around 54Mbps through the port. Setting a port limit of 20Mbps, I got 18Mbps through the port.
It is that kind of thing. So if you want to set very exact bandwidth limitations, that might not be possible, at least not without trial and error. However, you SHOULD be able to set "targets", and the limits should be pretty close to those targets.
Going with QoS to shape bandwidth based on what service is going in/out from the router is much more difficult and with consumer routers is often not terribly effective. bandwidth shaping on a CLIENT level is generally pretty effective.