Yep, pretty much. The 3950X is a 16 core / 32 thread beast of a CPU. It’s not likely you’ll ever see that utilized in any game or sim. Increasing the single core performance can help with the limitations on the main thread.
You could also try turning off Hyperthreading/SMT (disabling 16 threads) in the BIOS, but that will hamper you in productivity workloads. If you’re mostly gaming/simming it might give a small performance boost though.