Virtualization over head is about 3-5% in my benchmarks in the past (on amd64, not not in ARM though).
There are exceptions though in the very small "burstable" etc instances, like the micro etc.
EDIT: Seems I am wrong.
"Each vCPU is a thread of a CPU core, except for T2 instances and instances powered by AWS Graviton2 processors."
From: https://docs.aws.amazon.com/AWSEC2/latest/UserGuide/instance...