You could easily observe this with a cache-cold query performing lots of random IO. EBS latency is on the order of milliseconds, even cheap baremetal nowadays is microseconds
It's a huge bummer that EBS is the only durable block storage in aws since the performance is so bad. Has anyone had luck using instance storage? The aws white papers make it seem like you could lose data there for any number of reasons, but the performance is so much better. Maybe a synchronous replica in a different AZ?