And yes, IO typically happens in 4kb blocks, so you need a decent amount of IOPS to get the full bandwidth.
That latter part is a big deal, too. If I buy 1PB of block storage, I’m decently likely to be running a fancy journaled or WAL-ed or rollback-logged thing on top, and that thing might be completely unable to read from a read only snapshot. So actually reading from a PIT snapshot is a pain regardless of what I paid for it. Even using EBS or similar snapshots is far from being an amazing experience.