Yes, it does use the second CPU. No wonder actually, it's just two processes which are scheduled by the OS no matter if they have a pipe in between or not.
I let a 400 MB text file full of nonsense run through a series of `sed` single-character replacement while watching `top` besides. Completely meaningless, but uses some CPU for a while:
sed -e s/a/b/ bigfile.txt | sed -e s/x/y/ | sed -e s/q/r/ | sed -e s/r/w/ | sed -e s/b/v/ > /dev/null