There is, however it's not guaranteed. Some connections and P2P applications can still pass through.
First, make sure P2P is ticked here:
Then in the advanced rule settings tick P2P and set that rule's rate limit to Blocked:
A better approach would be to use so called penalties, which allow you to restrict connections. For example, if you throttle any connection that has downloaded more than 1 MB, it would effectively render P2P and video streaming useless while regular web pages open normally.