It really feels like rsync should have a multi-path setting that would have sped this up across multiple links (but doesn't because noone has made it yet).
My guess is the actual bottleneck would be directory traversal and metadata stuff - i.e. trying to keep the pipe full, not saturation effects.
Yeah I know on src/dest. I've done this sort of approach countless times in various technologies in the past 40 or so years, but that always puts the mechanism for checking things in onus of the human rather than having that one command that does it all right.
Anyway, not a slight on rsync in the slightest - it doesn't have this probably because no-one realistically actually needs it most of the time.