Devices either are or are not USB 2.0 compatible. If a device is not USB 2.0 compatible (therefore is 1.1 only), the device will have a maximum data rate of 14kbps (IIRC) and having a USB 2.0 hub won't help you if anything in the chain doesn't support it.

The USB port on your computer would need to be USB 2.0 compatible, but it's generally a memory flash to upgrade it - hence the software comment. The hardware for the two standards is the same, just some older kit doesn't support the newer standard.