H.264 doesn't utilize modern CPUs effectively as it's very old, and it's still on the way out and will be completely replaced by either H.265/266 or AV1 in the near future.
What are you talking about? I don't think you follow the development of h264 encoders as well as you think you do. x264 already has been utilizing avx2 and x264's ability to use more threads has been improved some few times in the last couple or few years.
x264 is one of, if not the most, worked on video encoder and it's staying power is pretty immense. 265 has a long way to go to improve on everything x264 already has BEEN doing. There's not a lot of advantage in even using 265, yet, and 265 is SLOW.
I can pull from the change log just 3 days ago on x264 tweaks involving AVX2 specifically. I can also scroll through the change log and look at tweaks involving AVX2 that go back to Feb of 2014. And I didn't even try hard to find these changes. Edit: And there were a whole bunch of entries between these two dates involving AVX2.
Maybe your favorite encoding programs are just slow to use the newest releases of x264.
Edit some more: detection of AVX2 support was added to x264 back in 2012. That doesn't really mean it could do anything amazing with a CPU's AVX2 capability at that time, but it tells you they were eye balling AVX2 to take advantage of since at least then, and if I remember right from doom9 forums at that time frame (2012), developers of x264 were working close with engineers at Intel.
Feb 2012 x264 change log:
"TBM, AVX2, FMA3, BMI1, and BMI2 CPU detection support
TBM and BMI1 are supported by Trinity/Piledriver.
The others (and BMI1) will probably appear in Intel's upcoming Haswell.
Also update x86inc with AVX2 stuff"