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Unfortunately, there are very limited profiling and debugging information available on managed DB. Unlike AWS RDS/Aurora, you cannot see much beyond the DB CPU and network utilization.
This is more akin to the AWS Lightsail managed instances. I tried both.
There are things you can do, however. First, I have successfully utilized MySQL Workbench (on Windows) with DO’s managed DBs. With it, you can gather some performance metrics such as cache utilization, key efficiency or GET/second.
The issue is that this is in Real-Time, so you can go back using logs.
Looking at your screenshot, I wonder if the number of GET/seconds also increases (I assume it does since Throughput goes up), and that would explain why latency is going up and requests are starting to stack-up, probably.
If this is a website, this could be related to an uptick in search bot activity, as they tend to crawl a bunch of uncached content at once, then stop when latency goes up.
(check your Apache or web-server logs, and try to match the time of the spike)