It does indeed depend.
Some multithreaded workloads will use the full logical processor count to pin every core and that can really suck on low-end systems. I think aside from balancing multithreading overhead, this is one of the reasons why some more advanced software (such as 7-Zip) lets you select the number of threads to use for a workload, even if you already know and accept that it'll be expensive until it's completed.
Lots of multithreading things I come across as a developer have a default of something like 4 threads, or only use a certain fraction of logical cores up to a certain maximum, etc. because it's generally more polite not to always pin every core.