I just installed a new backup server since I had some issues with the previous one so I monitored it a bit during the initial backup process and here is what I found.
During the initial migration/backup of all sites on my cluster, I monitored the backup server load. It seems it has never gone too high. It mostly stays at around 30% CPU usage while in the full backup process. I can only see a few rsync processes running, and they seem to be capped at 7 or 8 at a time.
Memory usage never went over 500M. It mostly stayed at 450M. "htop" reports a load average of 9.5 but I rarely see the actual CPU % to go over 30%.
This is running on a 2 Intel CPUs with 4G RAM, a CX22 VPS at Hetzner, with a network-attached drive using a loop device for btrfs support. So now I believe the main bottleneck is the network-attached drive. Looking at the I/O using "iotop" shows the top DISK WRITE to be at around 7MB/s on average but from time to time it goes up to 17mb/s.
Nevertheless, the backup speed for my current needs seems acceptable. I don't host huge websites yet; I only do daily backups. Also, considering the big cost difference between this setup and an SSD setup using normal VPS block storage, I prefer this approach even if it's slower due to I/O transfer speed throttle.