In this article, we investigate the real-world capability of the multi-link operation (MLO) framework -- one of the key MAC-layer features included in the IEEE 802.11be amendment -- by using a large dataset containing 5 GHz spectrum occupancy measurements on multiple channels. Our results show that when both available links are often busy, as is the case in ultra-dense and crowded scenarios, MLO attains the highest throughput gains over single-link operation (SLO) since it is able to leverage multiple intermittent transmission opportunities. As for latency, if the two links exhibit statistically the same level of occupancy, MLO can outperform SLO by one order of magnitude. In contrast, in asymmetrically occupied links, MLO can sometimes be detrimental and even increase latency. We study this somewhat unexpected phenomenon, and find its origins to be packets suboptimally mapped to either link before carrying out the backoff, with the latter likely to be interrupted on the busier link. We cross validate our study with real-time traffic generated by a cloud gaming application and quantify MLO's benefits for latency-sensitive applications.