Rich I'm not using sata on any servers, and they're all dedicated servers, only using enterprise NVMe, which has insane IO, million+ IOPS/s, 30+ Gbps transfer.
That's what makes it so odd to get load issues, there's no obvious bottleneck. I recently reduced the number of concurrent backups from 10 to 5 and reduced from every 3 hours to 4 hours, and that seemed to help.
I also lowered the default Linux swapiness from 60 to 30 to see how that fairs.