increasing threads for stdout?

I haven't run hashcat to generate mangles for quite a while, but trying the new 0.45 (hashcat-cli64.exe) in --stdout mode piped to a file seemed to run slower than I remembered, and I noticed it was only running 3 threads.

Isn't the default 8 threads?

So I tried --threads=32 and still only got 3 threads.

Is it ignoring the setting due to being in --stdout mode?
And would --segment-size also be ignored?