Thanks Jorge- I've reformatted the drive as XFS and run a new speedtest:
The 10/7/23 & 5/5/24 lines are pretty much exactly on top of each other.
So my hunch turned out to be correct- it was a software issue, which is good as I don't have to worry about returning/ replacing. It's the fastest spinning drive in the server too, so good to have it back to its former sprightliness .
My next step is to move the data from the 10TB drive onto this one, then reformat it to ZFS and set it up to receive snapshots from the ZFS cache drives. I've just run a DiskSpeed test on it, which gave the same result as all previous tests. Will be interesting to see if I have any issues with it once it's formatted as ZFS and receiving snapshots.
Edit: To say that the server generally is feeling much more responsive again. There was definitely a system-wide issue related to the fact that this drive was constantly being accessed, crushing the system's performance. The Load Average was always 4 or more, even at idle. now it's back down to under 1!