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Skeblon - It is interesting that you stated that your old Intel 4 core 8 thread cpu can load at 100% on all cores and no other users here backs you up or acknowledge this. You supplied no supporting facts. See the attached screenshot. That is what I remembered on my Intel cpu, newer or older (100% utilization on all cores and threads. In Preferences checking or unchecking hardware decoding makes very little difference.
100% load as you show is very typical for H.265 CPU encoding, is that what the example is?
However, you don't get the 2X reduction in elapsed time claiming one has 8 procs at 100%, I believe that's the common thought on the forum. If one turns HT off, you will see you are again 100% on 4 cores in this case but elapsed time will be maybe be only 10-15% better with HT on, not 2X.
HT is nowhere near linear, it's typically better on low core count CPU's as your example, you may even get a 20% boost, and much worse at high core counts more typical in modern high end CPU's. At best, HT in a large core count CPU asymptotes at about a 25% improvement with very few real applications ever achieving that.
For me it's more like if you want to look at real CPU loads, turn HT off, if you only casually care about loads and want a slight boost in performance, turn HT on. I've never seen HT hurt PD performance, however, it's benefits can be very marginal to maybe 10-15% benefit for some tasks and benefit can be CPU core count sensitive.
Jeff