The CoDel queue management algorithm

codel + qfq can do even better.

The 5ms target of the overall codel algorithm is just that - a target.
Sometimes it's more, usually it's less, and with fair queuing (fq_codel) applied on top...

it can be MUCH less, especially where you need it. As in sub 1ms. Which should make a lot of gamers and voip/videoconferencing people very happy.

Also, for 10gigE installations people have been using 500us as the target,
which seems to work well. I wouldn't recommend changing the target delay for anything else at the present time.

Rather than theorize can I merely recommend people try this stuff out for themselves and ask questions on the codel at lists.bufferbloat.net.