Actually, the (vertical) velocity of the deflected center point of the rubber band is faster than the axial contraction of the rubber band itself (at that point) which is limited by the speed of sound of the material.
Derivation: Pythagoras, chain rule
litchralee@sh.itjust.works 2 days ago
I’ve added this clarification to my comment. Thanks!
It seems that common types of rubber have a propagation speed in the range of 1.5-1.8 km/s, so we’re still quite a bit away from 10.5 km/s.