For any future travelers this issue was caused by the much debated
ext4lazyinit "feature".
# iotop
Total DISK READ: 0.00 B/s | Total DISK WRITE: 0.00 B/s
Current DISK READ: 0.00 B/s | Current DISK WRITE: 7.38 M/s
TID PRIO USER DISK READ DISK WRITE SWAPIN IO> COMMAND
947 be/4 root 0.00 B/s 0.00 B/s 0.00 % 2.96 % [ext4lazyinit]
While it on paper is accounting for a small percentage of the IO it will
incur a noticeable performance hit to the system until it is done.
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https://bugs.launchpad.net/bugs/1880943
Title:
[focal] disk I/O performance regression
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