VMWare, 5 core VM, and resulting processes

I need to ask the difference between a native 5 core machine and a 5 core VM

As I understand it a 5 core VM essentially has only 5 true processes, and everything else runs as a thread off of that process

In other words, an app that uses 5 processes on 5 cores native is not the same as the same app on a 5 core VM.  In the 5 core VM you have 5 processes, and evrything else runs as threads under that process.  Is that correct

If I have a 5 core HT (allocating a total of 10 cores to make the extra threads visable), I would then have 5 core processes  with the apps processes being resolved to threds under the 5 core VM ?

How is my logic ?

Thanks