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First, GPU is only used for GPU Accelerated Effects, like Lumetri or Warp or major resizing in the main ... so it waits for CPU to send it something. Most encoding is done between CPU & RAM. Also, when doing OC setup, getting the RAM and CPU in sync or whatever can be a bit intriguing. My builder has found on occassion trying different RAM frequencies can find the one that most helps the CPU work away. Your mileage will vary of course.
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This is more of a discussion than a question as it's been asked and demonstrated similarly by other customers many times before. Not that we don't feel your pain, but not much we answer here will fully satisfy you. Sorry about that! Hopefully, we can help a little.
Your question is, as I understand it, "I expect more from my system, why can't I get the performance I think I should be getting?" Did I understand that, OK? Hope so.
The answer we get from engineering is that, when it comes to encoding 1) each codec uses system resources differently, and 2) the CPU power the encoding requires does not always need full resources of your computer system to do its job. 3) GPU usage is not always going used if you do not have GPU accelerated effects, scaling, frame rate changes, etc. It varies according to these things.
So, in the end. When it comes to system performance and encoding to something like H.264, your mileage may vary according to codec, the effects you use, and other items you may not even think of, like scaling.
If you have complaints or issues with anything said here, be sure to leave the engineers feedback about this on User Voice: Premiere Pro: Hot (3960 ideas) – Adobe video & audio apps
Come back with any questions.