Containers aren't complete virtual machines. Some kernel resources will still appear as they do on the host.
In this case, --cpuset-cpus=0 modifies the resources the container cgroup has access to which is available in /sys/fs/cgroup/cpuset/cpuset.cpus. Not what the VM and container have in /proc/cpuinfo.
One way to verify is to run the stress-ng tool in a container:
Using 1 cpu will be pinned at 1 core (1 / 3 cores in use, 100% or 33% depending on what tool you use):
docker run --cpuset-cpus=0 deployable/stress -c 3
This will use 2 cores (2 / 3 cores, 200%/66%):
docker run --cpuset-cpus=0,2 deployable/stress -c 3
This will use 3 ( 3 / 3 cores, 300%/100%):
docker run deployable/stress -c 3
Memory limits are another area that don't appear in kernel stats
$ docker run -m 64M busybox free -m
             total       used       free     shared    buffers     cached
Mem:          3443       2500        943        173        261       1858
-/+ buffers/cache:        379       3063
Swap:         1023          0       1023
yamaneks answer includes the github issue.