Ethernet ports are gigabit, but you won’t get gigabit on WiFi. For the CF-WR619AC, enabling “Software flow offloading” on the Network Settings page will significantly improve WiFi speed (to somewhere near 500 Mbps). You can also connect your TL-Link as an access point to add more WiFi capacity.
And you’re right, the WiFi LEDs on the box are mislabeled. I’d suggest that you keep both 2.4GHz and 5GHz but use the same SSID for both bands. You’ll have more WiFi bandwidth and your devices will select which band to connect to. Plus the longer range for the 2.4 GHz band.