You mean Intel Hyper Threading ?
Yep, can be a problem, Hyper Threaded cores are not a physical core so they are slowest than a physical one (in short).
But my guess in all this is that its the know issue of the grass and trees code not being optimized yet :
Quote:
Originally Posted by BlackSix
Known Issues
• Not fully optimized: grass, clouds, and trees. Clouds cause constant FPS drop; grass and trees cause hick-ups. A few extra days of work for this, a few days for grass, few days for clouds, we felt that we could start open testing the patch without waiting for these changes.
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The patch in his current state brings smooth play in high and medium altitude, but there still hick-ups at low altitude due to the not fully optimized grass and trees yet.