Not really. EBS isn't really network storage in the traditional sense. It's closer to iSCSI-attached NVMe over a dedicated low-congestion storage backbone network.
EBS has a latency of around 2 ms.
SSD has a latency of around of around 0.25 ms.
A relational database will have around 10x the performance on an SSD compared to EBS because relational databases need to ensure data has been fully written to disk.
A separate set of behavior exists for RDS Aurora, which isn't using EBS underneath, so it might be worth looking into the Aurora latency characteristics (vs. cost, of course; Aurora ain't cheap) if you're concerned about the performance impact of EBS-vs-local-disk.
Million dollar database bills do not happen outside of the cloud world.
Laughs in Oracle per-CPU licensing terms
We used on-prem DB server and fat clients. After a long debugging session I hadn't found anything. Gradping at straws I asked what kind of network they ran.
Turned out the clients all ran on laptops connected through Wi-Fi... so yeah 10x latency turned into 10x longer job.