Other games are not natively multi-core. You cannot take one core and its load to mean anything with an application that is natively multi-threaded. Now, here is where some game companies will turn to marketing. By the very nature of DirectX, any game can call itself multi-threaded. There are but a handful of games in the marketplace which are natively multi-threaded. Aces High is one of them.
Games that show a direct coorelation to performance and core load, are not natively multi-threaded. The game code all runs on one CPU, while the DirectX layer does its multi-threaded thing.
Now, in your particular case, the low speed of the CPU's are holding up the game's ability to keep the video card busy, which causes the frame rate drop when a lot of objects are in the area. When a lot of objects are in the area, there is more for the CPU(s) to do. Due to the video card being so fast, it is waiting for data.
This is something many people do not understand. Multiple cores do not make a computer faster. It simply makes the computer handle more loads. A 3Ghz dual-core CPU would run circles around a triple core 2.4Ghz CPU, as it pertains to Aces High. This is due to the flight modeling, which is very, very CPU/floating point intensive. This does not mean Aces High is CPU bound. It just means we happen to need more CPUpower than a typical first person shooter game will.
Overall, higher clock rates make a computer faster than more slower clocked cores will.