The SIOC only looks the Datastore, which in turn made up of FC LUN or ISCSI LUN or NFS, and these are again made up of SSD or SAS or SATA HDD, So based on the type of HDD used to make a LUN defines the SIOC threshold, and as mentioned by Duncan - There is no point of enabling for one host, you can see more results and how it works in real time in my blog
Of course you will get the similar functionality with one host, Simply just use and set shares for the VMDK and the ESXi host use Host-Level Disk Scheduler, and you will get he results.