Hmm. So I was trying to find out if there's any way to view how many active threads a particular process has. I didn't find anything, but I did find that Process Explorer lets me set CPU Affinity (which cores it is allowed to run on).
Removing 1 out 4 cores had a small or no visible impact on FPS.
Removing 2 out of 4 cores had significant impact.
Removing 3 out of 4 cores had a huge impact.
Individual core usage noticeably increases as you reduce the number of available cores, but still didn't get near 100%.
I also noticed that RelicCoH2.exe had a very low CPU priority by default, but raising it had no apparent impact. It might help to reduce lag moments though.
CPU Core Distribution
In lobby:
In loading screen:
In-game:
While I can't get over that strange 30% CPU usage barrier, the core distribution definitely changes enough to suggest that the game is technically multi-threaded. I don't really have enough knowledge with this stuff to make any better guesses though. I feel like some input from Relic would go a long way here.