https://www.techpowerup.com/review/amd-ryzen-9-9700x-performance-smt-disabled/
During the course of our testing, we observed that Windows 11 was scheduling workloads on the 9700X in a manner that would try to saturate a single core first, by placing workloads on each of its logical threads. Additionally, the placement would put load on the CPPC2 "best" or "second-best" core (gold and silver in Ryzen Master)—which makes sense. However, if a highly demanding single threaded workload runs on one core, scheduling another demanding workload on the second thread of that core will result in lower overall performance. It would be better to place them on two separate cores, where they each have access to the full resources of that core. We hence set out to see if this is an SMT-specific problem.
9700X SMT disabled performance uplift @1080p:
Baldur's Gate 3 +6.78%
Remnant II +6.67%
Spiderman Remastered +17.17% (!) and RT +15.82% (!)
9700X SMT disabled performance uplift @1440p:
Baldur's Gate 3 +6.69%
Spiderman Remastered +17.22% (!) and RT +18.73% (!)
9700X SMT disabled performance uplift @ 2160p:
Baldur's Gate 3 +7.23%
Spiderman Remastered +5.16% and RT +8.10% (!)
And
+11.61% CS 1080p minimum fps
+12.63% Remnant II 1080p minimum fps
+60.27% (!) Spiderman Remastered 1080p minimum fps
+22.50% (!) Last of Us 1080p minimum fps
+8.30% Baldur's Gate 3 2160p minimum fps
+31.91% (!) Spiderman Remastered 2160p minimum fps