This largely depends on the disk. I wouldn't expect that to take 30mins on a modern NVME drive, but of course it depends on table size.
Once I got the logical replication setup to work I changed 20 tables on the replica and made the switch with 15 minutes of downtime. That saved me a lot of long nights.
You can get an idea of how long this could take by running pg_repack, it's basically doing the same thing: Copying the data and recreating all the indexes.
Uh, yes. NVMe drives can hit 1,000,000 IOPS, plus the latency is orders of magnitude lower than EBS.