Windows will still use time slices to schedule several tasks per core. And tight loops will probably still hog at least one core to a point where the task scheduler itself hardly gets a slice, despite several priority classes. But hogging a multi-core system to death should be quite improbable now, as long as you don't fill it with real-time class threads.
I would not be surprised about CPU features supporting task scheduling and thread switching in OS kernels, which are now superior to those in times of CPUs with only (80)x86 numbers as name; I just couldn't point at them, not knowing specific names. Cooperative multitasking may not be "necessary to survive" anymore; but I guess it can still support fluid interaction.
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