Just spit-balling a little, but I wonder if Wireguard is the best tool here given that the author is only using it for a single point-to-point link and they control the devices on both ends. That CPU supports AES-NI and probably does it a lot faster than Wireguard's ChaCha20 (hard to get numbers for their server CPU, but the tiny little x86 mini PC I use as my router does AES XTS at 43Gbps according to `cryptsetup benchmark`).
You might see better performance by tunneling the vxlan connection using a different technology which can use AES-NI? Then again, Wireguard is definitely still a good tool for stuff like this, and maybe the performance penalty isn't a big deal here.