What Difference Does GHz Really Make in a CPU?
"Processors work according to a clock that beats a set number of times per second, usually measured in gigahertz. For instance, a 3.1-GHz processor has a clock that beats 3.1 billion times per second. Each clock beat represents an opportunity for the processor to manipulate a number of bits equivalent to its capacity -- 64-bit processors can work on 64 bits at a time"
So if you overclock a CPU from 3.5GHz to 4.5GHz, you effectively increased the number of times per second a CPU can manipulate a number of bits by 28,6%.
Depending on the task the CPU has to perform this can mean that the CPU can handle it up to 28,6% faster.
So I would say it does make a difference.
Keep in mind that this is a really simple explanation, and much more comes into play than this...

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