Most likely only at 4K resolutions.
At 1080P X265 cannot use more than 10-12 cores efficiently due to it larger default CTU size (64), despite the theoretical limit is 16.875 cores.
With X264 the default CTU is half the size, meaning it can use more cores efficiently.
Currently X265 has no AVX512 code in it, despite it is certainly a work in progress (assembler was replaced with NASM a while ago).
X264 contains a very modest amount of code in AVX512 and it provides < 5% performance improvement over AVX2. VP9 supports AVX512 as well, however the performance of the encoder appears to be so poor (for multiple reasons) that
I don't think it is relevant how much or little AVX512 improves the performance.
Personally I don't believe that Zen2 will increase the width of the execution resources.
I guess it will ultimately depend on the strategy: Is it possible (or viable) this time around to make separate server and desktop designs, and if it isn't does the server design need to have wider resources or not.