I never see tools or articles like this discussing emulating bufferbloat, only static high latency. In the real world, satellite connections are relatively uncommon, and 500ms latency is usually instead due to excess buffering on a link that can deliver low latency when not saturated.

Also, don't the instructions in this article only apply to outbound traffic?

If you're trying to simulate poor network conditions, you need to have a better understanding than this of what causes poor network performance, and how to properly emulate it.