Personally I would rather have a strong 4/8 CPU than a older Xeon but thats just me, for purely gaming only at least.
For example if you tried to play a single core/IPC heavy game on that it wouldn't be pretty.
I've went from a 1600x to my current 12100 and in games like those my minimum fps nearly doubled thanks to the much stronger single core/thread performance.
I was playing Lost Ark ark the time and the difference was significant, same in Diablo 3 where my 1600x had some noticeable drops in higher Greater Rift runs with lots of mob density but with the 12100 its all smooth.
Also for something more modern, Unreal Engine 5.2 and it has CPU/Thread scaling issues in its current form and its needs to be fixed:
And no, disabling HT on a modern CPU is a nope.
'Look at the Cyberpunk part of the video how it scales with HT on and more threads'
Sure you could find some edge cases/games that doesn't play nice with it but in general its always best to leave it on, at most it won't help but won't make it worse either.