Both CPUs will be utilized if you give your VM the maximum of available logical CPUs. Keep things like NUMA in mind when you size your VM (http://vxpertise.net/2012/06/summarizing-numa-scheduling/) .
As long as you have a one-to-one relationship of the VMs per ESXi this configuration is ok, but as soon as you consolidate more VMs on this host make sure to size your VMs as little as possible.