If your core is 50% waiting on RAM, then SMT into another thread, and that other thread will want some memory to work on, so it will also wait on RAM. On Top of it, this second thread now puts extra pressure on the memory subsystem, might cause cache evictions for the other thread, etc etc etc
The moment that you include the memory subsystem into the SMT picture, SMT goes from a "no brainer; waiting on memory? do other work" to a "uhhh... i don't know if this makes things better or worse".