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Quote:Would performance with this be on par with the newer Pentium in Dolphin?

E3 1240V5 is much faster , simply because it's clocked higher (Max Turbo Speed = 3.9GHz) . Also, having 2 more cores is better than none

FAQ Wrote:Dolphin is a dual core application that relies upon IPC (Instructions Per Clock) for performance. Additional cores will not make Dolphin go any faster, though an "extra" core that Dolphin isn’t using may help slightly by keeping background tasks from using the same cores as Dolphin

https://dolphin-emu.org/docs/faq/#which-cpu-should-i-use
As you already know that Dolphin is a dual core application and Windows (OS) need some resources to run . If you could run Dolphin without an OS then sure , Quad Core wouldn't have any benefit over Dual Core ...
So you should expect a Quad Core will be up to 20% faster than a Dual Core in Dolphin
But still , one more month and you can buy an eight core processor or at least a hexa core for the same price as that Quad Core Xeon ...