Yes. You should always enable “Build solver in parallel”, this simply speeds up the build process. But the simulation still runs at the same speed.
Selecting SMP builds a solver which can run on multiple cores, while without that selected you get only serial (single-thread) support. SMP may make some simulations go faster but more threads don’t always lead to more speed (due to the need for threads to communicate and syncronize with each other), see for example this post