Current waveform quality and current control bandwidth are the figures of merit for current controllers in three-phase three-wire (3P3W) voltage-source converter (VSC) systems. When saturable inductors are employed as converter side inductors due to cost, size, and energy conversion efficiency benefits in 3P3W VSCs with conventional synchronous frame current control (CSCC); substantial drawbacks arise by means of these figures of merit. In the preceding part of this study, an inverse dynamic model based compensation (IDMBC) method has been proposed to deal with these drawbacks. Complementarily, this paper presents a thorough analytical investigation of the control system characteristics of CSCC and IDMBC methods that affect the current waveform quality and current control bandwidth. The analyses are verified via dynamic response and waveform quality simulations and experiments that employ saturable inductors reaching $1/9^{th}$ of the zero-current inductance at full current. The results obtained demonstrate the suitability of the IDMBC method for 3P3W VSCs employing saturable inductors.