Does this command allows us to download speed 512kpbs for each connected devices? or let say if two devices connected then they get only 256kbps each or 512 kbps each ?
sudo wondershaper wlan0 512
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wondershaper works on interfaces only, not on different systems using the router. It is a simple tool, and your requirement is too complex for what it offers.
You either have to configure that manually or find a different tool which offers that.
shorewall has tc capabilities and can work with destination IP addresses but I do not know whether you can enforce that all get the same share.