The right answer is probably still "it depends" but more and faster cores definitely help it. If you're seriously bottle necked in your workflow by your CPU, moving to an LGA2011 system with 6/12 cores would be a start. In my case, I found the biggest problem was having to wait an hour for 30GB of M2TS files to come off a Blu-Ray disc, but it's actually fairly easy to distribute the workload to multiple PCs if you've got them.
There are also encoding products that can take advantage of GPU transcoding, but Handbrake really doesn't do anything meaningful with it.
IIRC, when I was testing encoding tools, I couldn't find one with GPU encoding support that also offered to let me keep audio tracks in an unmolested state and I found that to be a deal-breaker.