Is CPU frequency the only limiting factor for single threaded MySQL performance

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I am running MySQL 5.7/InnoDB and want to optimize single-threaded select performance. The the database is mixing OLTP/OLAP queries and heavy OLAP queries frequently max out single cores for multiple seconds. I want to improve the time it takes for those heavy single-threaded queries to complete.

Assuming the application cannot be changed I am planning to upgrade the hardware. Currently MySQL is running in a VM on the following CPU:

Intel(R) Xeon(R) CPU E5-2650 v2 @ 2.60GHz (Turbo @ 3.60GHz) (Intel Ark)

I have an offer for the following CPU:

Intel(R) Xeon(R) Silver 4316 @ 2.20GHz (Turbo @ 3.60GHz) (Intel Ark)

The new CPU is using more modern, using DDR4 instead of DDR3 RAM, but the base frequency is even lower. I am wondering if this CPU will make any improvement for MySQL single-threaded performance by just being more modern with faster memory? My assumption is that it won't but I wanted to validate with the experts before. Thanks!

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