Your client doesn't limit you, the limiting occurs with the people you are downloading from.
Generally each client uploads to 4 other people at any one time (most clients allow you to config this). If you're connected to 60 people then obviously it needs to pick which 4 to upload to. The way it does it is whoever is downloading to you fastest you will upload to. So if you set your limit to 5k/s you'll not be uploading to anyone quickly and they're less likely to upload to you, that tends to reduce your speed.
The exception to this is seeds - as they have the whole file, no one is uploading to them so instead they pick the 4 fastest downloaders and send to them (the idea being it gets the data spread faster). So if you're on a seed-heavy torrent you can often get very high download speeds without doing much uploading.
On the other hand if you set your upload to maximum it'll throttle your download as TCP needs to acknowledge receipt of data - if your connection is going flat out uploading then it can't send acks fast enough and your download speed is reduced. Generally you should keep upload at 75-80% of your maximum upload rate for best download speeds.
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