SATA III is gigabit, so the max speed is actually 600MB/s.
What filesystem? For example, on my ZFS pool I had to let ZFS use a good chunk of my RAM for it to be able to cache things enough that rsync would max out the throughput.
Rsync doesn’t do the files in parallel so at such speeds, the process of open files, read chunks, write chunks, close files, repeat can add up. So you want the kernel to buffer as much of it as possible.
If you look at the disk graphs of both disks, you probably see a read spike, followed by a write spike on the target, instead of a smooth maxed out curve. Then the solution is increasing buffers and caching. Depending on the distro there’s a sysctl that may be on by default that limits the size of caches to prevent the “I wrote a 4GB file to my USB stick and now there’s 4GB of RAM used for it and it takes hours after finishing the transfer before it’s flushed to the stick”.