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> That's 48 cores

That's not dedicated 48 cores, it's 48 "vCPUs". There are probably 1,000 other EC2 instances running on those cores stealing all the CPU cycles. You might get 4 cores of actual compute throughput. Which is what I was saying

That's not how it works, sorry. (Unless you use burstable instances, like T4g) You can run them at 100% as long as you like, and it has the same performance (minus a small virtualization overhead).
Are you telling me that my virtualized EC2 server is the only thing running on the physical hardware/CPU? There are no other virtualized EC2 servers sharing time on that hardware/CPU?
If you are talking about regular EC2 (not T series, or Lambda, or Fargate etc.) you get the same performance (within say 5%) of the underlying hardware. If you're using a core, it's not shared with another user. The pricing validates this...the "metal" version of a server on AWS is the same price as the full regular EC2 version.

In fact, you can even get a small discount with the -flex series, if you're willing to compromise slightly. (Small discount for 100% of performance 95% of the time).

This seems pretty wild to me. Are you saying that I can submit instructions to the CPU and they will not be interleaved and the registers will not be swapped-out with instructions from other EC2 virtual server applications running on the same physical machine?
Only the t instances and other VM types that have burst billing are overbooked in the sense that you are describing.
Yes — you can validate this by benchmarking things like l1 cache
Welcome to the wonderful world of multi-core CPUs...