Actually... upon a second test, you can see the difference more noticably, even though mame still says there isn't much difference.
I ran the first test with hlsl effects on, but because crusin is so demanding it struggled regardless (topping out at around 80%).
Once hlsl was turned off, however, you CAN see the difference quite noticably if you have the fps turned on. With multithreading, the game stays at 100% nearly all the time... gameplay is consistent and solid. With it turned off, the game also runs at around 100% BUT whenver you crash into something, hit a boost or do anything that either loads new textures onto the screen or plays a sound effect, the fps drop to 85-90% for a split second and there is a hiccup in gameplay. It's like mame it's a little stuck trying to poll new resources while still handling the render of the game. Now again, the overall difference according to mame was only around 2%, but I'll bet if I played for several minutes instead of just one or two the drops would have added up and you would see a biger difference.