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Wow. thats amazing. Have you tried separating our the setup and test processes? By separating out I mean the machine setup in aws which might be taking time. 
Another way which I have used in past is having a dedicated aws environment, and use containers to run the parallel tests which are deployed on aws itself. Pulling in new containers is not that expensive as pulling EC2 instances.

<@941835711064203285> 
yeah, similar to the one you suggested got an approach from our devops teams, 
they suggested to build an image(container or that is setup in project configuration) first with our latest repo dependencies and other pre build requirements.
in this build setup itself then we will get a container that has all the dependencies installed and  can use that image to run the tests in parallel. 
yet to test this approach.

So the concept behind this suggestion is that pulling containers is too quick and your issue of env setup taking time will be solved. If you will depend on ec2 to come up before running tests, its too expensive. Tests do not play a part in Delivery rather they guide towards quality. So try to decrease their execution time as much possible as that increases it reliability.

Which app are you using for CI/CD. ??
Another way to run tests parallel and use containers is use semaphore pipelines. But again you would need devops help to setup that and will be a dependency