Needless to say how shocking this is to me, to realize, that I got something as fundamental as SMT wrong for more than 2 decades - after having spent countless hours of learning about technical aspects of CPUs. Somehow the assumption was burned into my brain, that the second thread only gets the resources that the prime one does not use - and that is also how Intel was explaining it in Layman's terms, when they introduced it. Also, most articles only mention the total benefit of SMT but do not go into detail if the throughput of these two threads is symmetrical or not.
But the positive take-away for me is that I learned (and proved) something fundamental today. Thanks for bringing me on that path