This is indeed the don of all home and SMB routers.
I bought this to replace another router, mainly because I wanted to be able to:
1. Restrict access to a window of time for certain devices
2. Control bandwidth so that certain devices don't get to grab all of the internet.
You can do this and more with this Router. It is necessarily complex to set up though, so it is perhaps not for the faint hearted, but general out of the box set up is easy enough. There is also help out there on the internet for just about anything you need to do with this router.
In my setup, the router is under a cupboard under the stairs. It's inside a metal networking cabinet. And yet wireless is available as far as the second floor of my house.