Looks like that has 8 cores? I would imagine it would make a huge difference depending on other loads on the system. I gave it a try on my file server at home that has an AMD E-350 processor with 2 cores and it shaved off a good 42% of the total time:

  > time gzip -v xubuntu-16.04-desktop-amd64.iso 
  xubuntu-16.04-desktop-amd64.iso:	  1.5% -- replaced with xubuntu-16.04-desktop-amd64.iso.gz
  gzip -v xubuntu-16.04-desktop-amd64.iso  119.07s user 4.66s system 98% cpu 2:05.22 total

  > time pigz -v xubuntu-16.04-desktop-amd64.iso           
  xubuntu-16.04-desktop-amd64.iso to xubuntu-16.04-desktop-amd64.iso.gz 
  pigz -v xubuntu-16.04-desktop-amd64.iso  128.19s user 6.64s system 184% cpu 1:12.97 total