Not the 32%, but the total system CPU should go up all the way to 100% as the application asks for more calculations; which it doesn’t (was at 48% in my example).
My GPU was having a walk in the park too, at 35%.
In other words, the FPS drops aren’t caused by a lack of resources. The game might be waiting for something to happen before piping the next frame. Maybe some network response? Not sure.