Actually now that I think about it, without more than 1 access point, everything will all be on the same channel. I have 3 different channels due to having 3 different access points, all set to individual channels. This reduces conflicts (more than one device trying to use the same channel at the same time, a weakness of wifi).
As of right now, my "busiest" access point has 23 devices connected to it on 2.4 GHz. The AP is reporting that channel being 23% utilized. Still, I wouldn't want anywhere near 100% utilization. Things would certainly slow down as it gets higher.
Newer versions of WiFi reduce this problem, but smart devices use whatever is cheap and effective. 2.4 GHz travels better through walls and has better range compared to 5 GHz, but 5 GHz is faster and has more available channels.