Yes, that's the case with it as well - it can definitely utilize multiple cores but the utilization percentage will decrease past certain amount of cores, you can easily see this with Task Manager.

In an addition to that, the mobile Raptor Lake CPU's are allowed to consume unreasonable amount of power for some reason in many "gaming" laptops, despite the tiny heatsinks in all of such laptops. I had a misfortune of buying a Lenovo Legion laptop with 13900HX CPU in it, the CPU would quickly shoot up past 90C in most of the games I've tried, even after re-applying liquid metal compound (it came stock with my particular laptop model) to the stock vapor chamber cooler. You can decrease stock power limits (both PL2 and PL1) for this mobile CPU through programs like Intel XTU, your CPU will definitely run cooler but your performance will decrease.