While I was playing with 2 of my friends on the vps which has 3vcpus, ssd drive and 4g ram, its load went around 0.8~1.2. When someone explored and entered many new chunks, it went more and more but we don't feel any serious problem during our play.
On the other hand, when I do the same with another vps (2vcpus, hdd, 2g ram. same company), it was always swapping. There was also considerably high latency and we got difficulty in picking up the items.
Though it depends on what parts (cpus, rams, and so on) my company is offering and how many people are sharing the original cpu (which I can't know), I dare say your situation is normal.
Have you tried running the 7dtd process with nice command? If you are running other processes it might help a little.
Maybe you could tweak sysctl variables, however, it won't change the things dramatically since these parameters are already optimized most of the time...
Sorry for not being very helpful and my EngRish. Good luck with it