When you transfer many INSERT ... VALUES to a transaction, massive acceleration is probably due to the fact that you do not need to write dirty pages of data to disk after each insertion. However, when you transfer one INSERT ... SELECT to an explicit transaction, there is no acceleration, because there was an implicit transaction before, and the mechanics have not changed. Most likely, something else has changed in your environment at the same time.
A gradual drop in performance seems to be due to an increase in the target table or an increase in the database. The former will never stop growing, the latter may become a little more variable / unpredictable, as your database continues to grow, so this is probably not a fall, this is a trend.
If you can always ensure that data is entered into an empty table, think about being more radical and throwing it away every time. Use SELECT INTO instead of INSERT ... SELECT . This may or may not work with your referential integrity requirements. The advantage of different syntax is another logging strategy.
If the table cannot be deleted before the next insertion, but you can make sure that it has never been accessed by other connections during the INSERT operation, you can use isolation levels or table hints to remove the lock from your path; however, a much safer method for a similar purpose is the TABLOCK hint. This type of hint goes to the extreme opposite, blocking the entire table at the beginning; all others are excluded, and time for blocking at the row level is not wasted.
Insert data sorted using the (cluster) primary key of the target table. You can temporarily disable other indexes during INSERT , but don't do it easily, as this is just another way to seriously damage any concurrent traffic, if it exists.
Watch the size of the mdf file. Avoid situations where you see that it grows automatically in small increments.
Last resort: Plan for HW usage and split the target table. To do this, you need to switch from thinking "faster, please" to "I need to achieve this particular speed." It is much more difficult to maintain.