A Microsoft file hosting and synchronization service.
So, after a few days of searching and trying various approaches, I've found out the following:
No matter what client I use (default Onedrive client, RClone/command line/Powershell, setting up a custom API through Azure portal...), it will not run faster. Onedrive itself enforces a limit for calls/requests to its servers, there is no way around it. If you hit the "transactions" limit, Onedrive will slow down/throttle your connection automatically. Unfortunately, it is a restriction "per request", not "per bytes transferred" (as far as I've noticed), so if you have lots of small files that are on Onedrive individually, good luck retrieving them. In this case, doing a one-off backup of a large archive should work fine. However, this has caveats as well.
Just to sum up the experience: Onedrive client (File Explorer) seems to natively limit the number of transactions it processes so that you don't hit this limit where you'd have to wait several minutes before being allowed to contact the Onedrive server again. RClone/Powershell/cmd commands don't have this restrictions and will hit this limit, so while you may be able to batch-transfer several hundreds of files in seconds, you'll then spend some minutes waiting before being allowed to continue, essentially reaching the same average speed as the regular Onedrive client.
While Sharepoint Migration Tool was able to upload large numbers of files quickly, it was due to the tool packaging the files into binary chunks of larger size and uploading them in that bulk, unpacking them on Onedrive. However, Onedrive stopped supporting zipping some time ago, so there is no way to zip files on Onedrive - you can request a folder download, which will automatically zip the folder you want, but it will zip it on the fly, meaning you still hit the enforced "requests per second" limit, as each file processed by Onedrive will count towards this limit. This is also very inconveniet if you decide to upload your backups as archives - if you want to change one specific file, you'll have to download and reupload the whole archive, as Onedrive stopped supporting archive operations on the server. I vaguely remember I used to be able to zip/unzip files in the web interface, but I might be wrong, it might have been another cloud service, so maybe Onedrive never supported it.
It seems to be a very much business decision (Onedrive will zip the data for you automatically when you want to download it, so it is not like it would not be able to work with archives), you are provided with a tool that can upload lots of data (so OneDrive is capable of operating at high speeds), but when you want to retrieve the data and/or move them elsewhere you just have to brace yourself and grit your teeth (because the speeds available to the users are artificially reduced).
Maybe this will be helpful to other people facing the same issue.