Step 1: Understanding the electrolysis process.
When current is passed through CuSO$_4$ solution, copper ions are reduced at the cathode:
\[
\mathrm{Cu^{2+} + 2e^- \rightarrow Cu(s)}
\]
Thus, Cu$^{2+}$ ions are removed from the solution, decreasing its concentration.
Step 2: Calculating total charge passed.
Given:
\[
I = 2.5 \, A, \quad t = 1 \, \text{hour} = 3600 \, s
\]
\[
Q = I \times t = 2.5 \times 3600 = 9000 \, C
\]
Considering 80% efficiency:
\[
Q_{\text{effective}} = 0.8 \times 9000 = 7200 \, C
\]
Step 3: Calculating moles of electrons transferred.
Using Faraday constant \( F = 96500 \, C/mol \):
\[
\text{Moles of electrons} = \frac{7200}{96500} \approx 0.0746 \, mol
\]
Step 4: Calculating moles of Cu$^{2+$ reduced.}
From the reaction:
\[
2 \, \text{mol electrons} \Rightarrow 1 \, \text{mol Cu}^{2+}
\]
\[
\text{Moles of Cu}^{2+} = \frac{0.0746}{2} \approx 0.0373 \, mol
\]
Step 5: Initial moles of CuSO$_4$.
Given molarity and volume:
\[
M = 0.48, \quad V = 800 \, ml = 0.8 \, L
\]
\[
\text{Initial moles} = 0.48 \times 0.8 = 0.384 \, mol
\]
Step 6: Remaining moles after electrolysis.
\[
\text{Remaining moles} = 0.384 - 0.0373 = 0.3467 \, mol
\]
Step 7: Calculating final molarity.
Volume remains unchanged:
\[
M_{\text{final}} = \frac{0.3467}{0.8} \approx 0.433 \, M
\]
Final Answer:
\[
\boxed{0.433}
\]
Hence, the correct answer is option (C).