In older versions there was some primitive multithreading in the code (though it was never enabled) unfortunately, most of this code has been lost over time, it's no longer possible to build the Powder Toy source with multithreading.
multi-thread has no connection to cores of processor. As you may know operating system runs several processes at one time. And it is multi-threading of system. And the multi-threading of TPT means that it does several tasks at one time.
only multi-core processors can do more then one thing at the same time. Processes in a single core computer alternate between eachother to make it seem as if they are doing two things at the same time. (fast alternating)