Yes. up.time uses a series of different background applications, all of which are multi-threaded.
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Apache: the up.time apache engine spawns several instances, each of which will run on separate CPUs, if available.
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MySQL: the up.time MySQL engine spawns a single process that will run multiple queries across as many CPUs as possible. At times the MySQL threading may need tuning via the concurrent_threads MySQL system variable. Generally 2 concurrent threads per CPU core is recommended.
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Java: the up.time data collector is Java-based. Java is inherently multi-threaded so up.time service monitors and other tasks will be spread across many CPUs.