It didn't always in PS3 - and before you say it, I dare say that even if Sony had put a better GPU in there for the time, it would still have been a win to involve Cell in some of that work given the scale of the performance and quality improvements over RSX alone.
NEXT-GEN, however, might be another matter. Probably will be.
Still, though, there were PS3 games running dozens of job types, fanning out to thousands of jobs per frame, on the CPU. So even taking out image processing tasks or other graphics-y stuff, I wonder if they wouldn't have a lot of CPU-side parallelism going on. Now obviously that doesn't mean you could theoretically keep thousands of cores busy simultaneously - there would be dependencies and all that - but some of those job types probably wouldn't have a hassle keeping 'even' 32 cores busy during their portion of the frame's processing, and would yield a lower overall latency if they were there.
Now I have no idea if there is enough of that kind of work to justify such a high level of parallelism on the CPU side, but when you hear devs talking about that scale of work in current gen games, it gives me a little bit of pause. I think next-gen devs will have double-digit number of threads available to them on the CPU side (even if not 32), and they'll probably find good use for it.