Generally each vCPU is a dedicated hardware thread, which has gotten significantly faster in the last 10 years. Only lambdas, micros, and nanos have shared vCPUs and those have probably also gotten faster although it's not guaranteed.

In fairness, there are a not insignificant number of workloads that do not benefit from hardware threads on CPUs [0], instead isolating processes along physical cores for optimal performance.

[0] Assertion not valid for barrel processors.