I decided to have children early, my first at 25 and I tapped out at 3. I would have been happy with less, God knows how much easier my life would be if I didn't have to deal with that part of life. Maybe I would have continued my postdoc longer, wouldn't have to worry about buying a house big enough, and being tied down.
Most people say kids are worth it, and it teaches you something about yourself, and that's certainly true. It's not a requirement though to have that appreciation, but I think there is actual utility to bringing healthy adjusted kids into the worth. Maybe we will reach some sort of grand equilibrium in the future with everyone having exactly 2 kids (more likely we go down a different path before then), but now is not that time. We have a lot of challenges, and unless people actually make the sacrifices and try and raise kids better than themselves, they're going to be better adapted to the future world than we are.
I find the idea of an an aribritrary population limit kinda dark. Why stop at 700 million? Maybe just one atomic family (though that would be biblically fucked up), maybe a small town of 2000 would make more sense, add in a few for redundancy, more than enough sand to go around, we'll just run the whole thing. Getting down to 700 million you realize would entail forced castration for almost everyone, are you imagining some dystopian society where we castrate and separate into breeders? I just don't see how your solution is at all plausible in the first place. I'm sure we have 700 million people alive no now under 20. So what's the plan, create a political party?