I disabled multi-threading. Here is why:
Like the OP pointed out, there is just a virtual second instance of the core. the idea is to provide work for the cpu, even when a thread is waiting for e.g. the disk i.o.
Using a DAW there is not the problem to provide enough load to a cpu, the main issue is to finish a task before the buffer runs dry.
Additional (virtualized) cores creates additional administrative work for the shedulers, but you will not get more "bang" from the cpu. It is just easier to max out each core. If the throughput is prio 1 then this strategy is great. If the response time of the system is prio 1, then it is not.
Since I disabled multithreading, the count of drop outs and glitches was down in a significant amount (with my old interface).
Just try it. I am sure, that the administrative overhead for the cpu, the OS and SONAR have negative impact. If you observe bad core utilization, use multi-threading again...