Is that 7 (soon to be 8 generation old CPU) i7 higher performing, sure
Regardless, that is an under-powered CPU for current real-time video encoding, so everything will help. but... it depends. are there folks who know their way around the OS and OBS, and can record/stream 1080p on such a system - yes. Are there limits on filters, effects, etc on an older system? yes
So with that said, are you having an issue recording now? or limited in a way you are trying to overcome? is there a feature you want to enable and hoping the extra CPU power will make the difference (is yes, please explain)
Just a CPU upgrade will have a certain benefit. But optimizing the Operating System will also help OBS. Using a SSD instead of a HDD should greatly help overall system performance. extra RAM may or may not help. etc