The conversion time also depends on the modulator clock and the OSR value. For single conversion mode or the first sample in continuous conversion mode the conversion time is: AFE_STARTUP + 3 x OSR x MOD_CLK
For the subsequent conversions in continuous conversion mode it is:
OSR x MOD_CLK
Where:
AFE_STARTUP = the time required by the sigma delta ADC AFE to initialize (at-least 20 uS)
OSR = Over sampling ratio (64, 128, 256, 512, 1024 or 2048)
MOD_CLK = Modulator clock cycle time (1/MOD_FREQ)
So, considering a MOD_FREQ of 6.5 MHz (max frequency) and the lowest OSR (64) we have a minimum conversion time of 9.8 uS in continuous mode.
The feasibility of the undersampling method will depend on your signal bandwidth. For example, considering a sampling frequency of our sigma delta ADC of 99.01 kSPS, the nyquist frequency will be FS/2 = 49.505 kSPS. The signal you are trying to capture is 2.5 MHz, so it will fit in the middle of the 51th nyquist zone with a bandwidth of +- 49.505 kHz. It means that your signal must be between 2,450.495 kHz and 2,549.505 kHz ideally and considering that you have a very good band pass filter implemented.
Better conversion rates (and hence, bandwidth) can be achieved using the SAR ADC. The maximum conversion rate is 818.33 kSPS (which means a nyquist freq of 409.165 kSPS), but again, it will mainly depend on the bandwidth allowed for your application.
Saludos