Cubase uses only 39% of CPU resources

If you right click on that graph in task Manager and choose ‘Logical Processors’ you’ll see utilisation of the cores on your CPU. You might see one or two working particularly hard or at 100%. The figure 39% in your screenshot likely points to average utilisation across cores on the CPU.

As Maestro points out too there are other factors to do with how plugins are coded, maybe UAD DSP chips slowing rendering down etc