You're wrong, but still kinda right :)

Modern CPUs are superscalar and can execute many instructions per cycle, in parallel, even when running a single-threaded single process.

But that's far away from any 'user perception', and what you're obviously talking about is an OS environment where it *seems* like multiple programs are running 'at once' while they're really being run one at a time, but in tiny, tiny 'time-slices'.