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Looking at the instance type documentation the r5.2xlarge has "up to 10 Gb/s" of networking and there is a footnote that says "Instances marked with "Up to" Network Bandwidth have a baseline bandwidth and can use a network I/O credit mechanism to burst beyond their baseline bandwidth on a best effort basis."
That indicates to me that you're getting some burst bandwidth at the beginning of the copy operation but then running out of credits so the speed is reduced to the baseline bandwidth.
I'd recommend choosing an instance with a higher network performance rating.
While as you pointed out the cause of the issue and suggested to upgrade the instance to get a fixed bandwidth, we tried with using S3 as the intermediate option between two EC2 instances and it worked out pretty well. We will also try to upgrade the instance and see the improvement. Thanks.
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Thanks for the info, I will check and update here.