You will see traffic from the following locations:
Client -> RTMP Server
RTMP Server -> Content Location
If your RTMP Server and the content location are on the same machine, then obviously you won't actually "see" that data.
I'm not 100% sure I understand your setup based on what you've written. Is your SWF hosted on your EC2 instance, or is it actually playing on your EC2 instance (on the console, or a service)?
If the SWF is playing ON your EC2 instance, then you'll see the traffic on there, yes, of course.
However, if the SWF is simply HOSTED on your EC2 instance, but the SWF connects directly to Cloudfront, then you will not see any traffic from Cloudfront -> EC2 as RTMP streaming is a client-side activity.