That’s my drawing from this post.
(Please try and always link back to the original source when you can).
Yes you can setup multiple Subtunnels and assign upload / download bandwidth limits for each subtunnel, then assign a subtunnel to the correct VLAN. You can have a max of 4 sub tunnels. So four VLANs could be connected in this way. The VLANs will need to be configured on both Peplinks.