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Latency is also a large factor in how long it takes to transfer data because of the additional time it takes for individual packets to be responded to. There has been a lot of work put into various protocols and applications to reduce the amount of back-and-forth but there is still (always) some.
My best recommendation here is to test because your environment (applications, tools, setup) is going to be different to that used by just about anyone else. Also be aware that there is always going to be variables that you can't control because the vast majority of the network (and other components) are shared. So do multiple tests to get an idea of the variance.
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