I think this is probably one of the most important points... similarly, is this public facing work dealing with any kind of user request, or is it simply crunching numbers/data to build an AI model from a stable backlog/queue?
My take has always been with modern multi-core, hyper-threaded CPUs that are burstable is to consider ~60% a "loaded" server. That should have work split if it's that way for any significant portion of a day. Mostly dealing with user-facing services. So bursts and higher traffic portions of the day are dramatically different from lower utilization portions of the day.
A decade ago, this lead to a lot of work for cloud provisioning on demand for the heavier load times. Today it's a bit more complicated when you have servers with 100+ cores as an option for under $30k (guestimate based on $10k CPU price). Today, I'd lean to over-provisioning dedicated server hardware and supplement with cloud services (and/or self-cloud-like on K8s) as pragmatically as reasonable... depending on the services of course. I'm not currently in a position where I have this level of input though.
Just looking at how, as an example, StackOverflow scaled in the early days is even more possible/prudent today to a much larger extent... You can go a very long way with a half/full rack and a 10gb uplink in a colo data center or two.
In any case, for me... >= 65% CPU load for >= 30m/day means it's at 100% effective utilization, and needs expansion relatively soon. Just my own take.