It's 5 Gbps. The adapter has only 2 lanes of DisplayPort 1.4 to produce a HDMI 2.0 signal. The adapter can use DSC to do full HDMI 2.0 bandwidth (600 MHz 8bpc 4:4:4). Two lanes of DisplayPort 1.4 (540 MHz) is not sufficient for that without DSC (but it can do 648 MHz 10bpc 4:2:2 without DSC).
Some GPUs only support DisplayPort 1.2 (360 MHz 8bpc 4:4:4, 720 MHz 8bpc 4:2:0) or don't support DSC. Apple might have disabled DSC in Big Sur? On an Intel Mac, you can use the AGDCDiagnose command to see the connection type (lanes, link rate) and to see if DSC is enabled.
I don't know how well the adapter works on an iPad. Only an iPad with a USB-C port can use the adapter. Which iPad do you plan to use the adapter with? I suppose an M1 iPad should be able to support DisplayPort 1.4 and DSC but I have no way to verify that. Maybe you have a TV that can tell you the signal type (resolution, refresh rate, chroma sub sampling) that it is receiving.