SSHFS works over SSH. One of the key things in regards to SSH performance is the cipher algorithm you use to encrypt the data. SSH developers constantly add new algorithms to enforce security and deprecate old ones which are usually lighter.
Depending on the SSH versions on each end you might be able to use some old lighter algorithm like arcfour or blowfish by setting it in the SSHFS options or in the /etc/ssh/ssh_config file.
You can check the available algorithms using the ssh client binary on both ends.
[root@backup]# ssh -Q cipher
3des-cbc
blowfish-cbc
cast128-cbc
arcfour
arcfour128
arcfour256
aes128-cbc
aes192-cbc
aes256-cbc
rijndael-cbc@lysator.liu.se
aes128-ctr
aes192-ctr
aes256-ctr
aes128-gcm@openssh.com
aes256-gcm@openssh.com
chacha20-poly1305@openssh.com
If arcfour and/ or blowfish aren't available (the most probable thing as per 2023), you can use chacha20-poly1305@openssh.com, which is a very light yet fast cipher.
Another important parameter that affects performance is compression. Depending on your CPU it might be faster to disable it as in the example below.
compression=yes|no
Caching (user space and kernel) could help, but not for new data. Use caching carefully, it could end up returning outdated data.
cache=yes,kernel_cache
The easiest way to test is by including the options in the very mount command.
sshfs -o Ciphers=chacha20-poly1305@openssh.com,compression=no,reconnect,cache=yes,kernel_cache,ThreadCount=2 you@server.com:~/ /mnt/sshfs
On top of the above you can also enable Jumbo Frames in your network, which would help to improve speed transfering big files. You can read on how to set Jumbo Frames up in Windows and Linux here:
https://33hops.com/vmware-esxi-enable-jumbo-frames-increase-mtu.html