Yeah, that sounds about right to me. I'd look for a different provider if you're looking for speed. Like I said above, OVH was unusable to me so I went to hetzner.
Lookup "lowendbox" if you want something cheap. I used some Christmas or new year deal at racknerd that was alright.
If you want to stay with whatever provider you have you can try openVPN over TCP or a SOCKS proxy over SSH (both TCP traffic). Anything TCP might be faster than WG
Is your test TCP or UDP? My guess is that's TCP traffic.
Your VPS provider can rate limit as specific as a single UDP port. Try a different WG UDP port or wrap your WG traffic in TCP with other software and try again.