That is a possible explanation, I agree. I dont play much online because I am not that good.
In single player, surprisingly, I am strongly gpu limited even with a relatively weak card. I tried several skirmishes against the computer AI and actually it took a 10 player map to max out the cpu. So depending on the number of units, I suppose it is possible to be cpu limited even with a Titan.
You seem to be misinterpreting the process- with a weak GPU it is more likely your results could be GPU limited, while with a GPU like a Titan (and running at a low resolution) it is extremely unlikely the results are GPU limited, making them CPU limited
This can always be verified by lowering the resolution or decreasing graphics settings further, and seeing if there is any appreciable change in framerate. If there is not, then you can confirm the results are CPU limited. That's why CPU testing for video games is usually done with a monster video card, at fairly low graphics settings.
Starcraft's problem is it does all it's physics processing on CPU, along with all the AI for each unit, and it's only able to use 2 cores.