We hit the IOPS limit on AWS many times, both on VMs and SQL instances. The solution was always to artificially inflate the size of the underlying storage, as you get 3 IOPS per GB on persistent disks (the other option was to buy IOPS, but this somehow always turned out to be way more expensive).
This issue was on a "pros" section when we decided to move our operations to GCP, when you get 30 IOPS per GB on persistent storage, so 10x more than on AWS. One way or another, if you really need _a lot_ of IOPS, you better stick with a local (ephemeral) SDD storage – just bear in mind it will vanish along with your VMs.