Enhanced networking uses single root I/O virtualization (SR-IOV) to provide high-performance networking capabilities Enhanced networking provides higher bandwidth, higher packet per second (PPS) performance, and consistently lower inter-instance latencies. There is no additional charge for using enhanced networking. The current generation instances use ENA for enhanced networking, except for C4, D2, and M4 instances smaller than m4.16xlarge. https://docs.aws.amazon.com/AWSEC2/latest/UserGuide/enhanced-networking.html
There is no document for latency due to it can be changed with the tehnical improvement, here is deck of reinvent-2018. AZ level is milliseconds, placement group is < 1ms https://www.slideshare.net/AmazonWebServices/optimizing-network-performance-for-amazon-ec2-instances-cmp308r1-aws-reinvent-2018
If need low-latency between EC2 for some use case such as HPC, you can choice placement group https://docs.aws.amazon.com/AWSEC2/latest/UserGuide/placement-groups.html
https://docs.aws.amazon.com/AWSEC2/latest/UserGuide/monitoring-network-performance-ena.html
https://aws.amazon.com/premiumsupport/knowledge-center/network-throughput-benchmark-linux-ec2/ https://aws.amazon.com/premiumsupport/knowledge-center/network-issue-vpc-onprem-ig/