Measuring CPUs by thread count and clock speed is not a good way to gauge performance. A current gen CPU would be several times faster than this old CPU.
Depending on workload, this old CPU might be as slow as a 2 thread or even 1 thread current gen server.
Yes, e.g. for AWS it pays off to have a look at the 'CoreMark Score' column at https://instances.vantage.sh/
It does 8000 CPU marks with 4 cores. Sure Xeon 674X does 83641 with 28 cores. But show me where can you find it for less than 10 times the price? And with 320GB RAM, 10TB of NVMe SSD storage and 10 GBit/s of "unlimited" bandwidth