Shaping will cause the traffic to adhere to the specific rate at which we have configured it even if there is available bandwidth to go faster. So in your example, the traffic would be limited to approximately 100 Mbps. Even if the queue limit is increased, the excess traffic still gets buffered even if there is no congestion on the same interface.
It is possible to configure shaping such that it can burst up to the speed of the physical interface. This is described in the following lesson:
With policing however, you are able to specify what happens if traffic exceeds the preconfigured settings where you can specify if it will be dropped or allowed. More about policing can be found here.
I hope this has been helpful!