Without diving into NUMA and process affinity, if you are maxxing out on a 1 vCPU, generally it is being isolated on 1 pCPU's core.
Let's say you had a XenApp VM that was 4vCPU, and was being strained out when 100 users launch Chrome off it, if the host was also total 4 cores, then yes it is monopolizing the whole box.