In my experience, the local configuration of matlabpool uses, by default, the number of physical cores a machine possesses, rather than the number of logical cores. Hence on your machine, matlabpool only connects to two labs.
However, this is just a setting and can be overwritten with the following command:
matlabpool poolsize n
where n is an integer between 1 and 12 denoting the number of labs you want Matlab to use.
Now we get to the interesting bit that I'm a bit better equipped to answer thanks to a quick lesson from @RodyOldenhuis in the comments.
Hyper-threading implies a given physical core can have two threads run through it at the same time. Of course, they can't literally be processed simultaneously. The idea goes more like this: If one of the threads is inefficient in allocating tasks to the core, then the core may exhibit some "down-time". A second thread can take advantage of this "down-time" to get some work done.
In my experience, Matlab is often efficient in its allocation of threads to cores, therefore with one Matlab thread (ie one lab) running through it, a core may have very little "down-time" and hence there will be very little advantage to hyper-threading. My desktop is a core-i7 with 4 physical cores but 8 logical cores. However, I notice very little difference between running a parfor loop with 4 labs versus 8 labs. In fact, 8 labs is often slower due to the start-up costs associated with initializing the extra labs.
Of course, this is probably all complicated by other external factors such as what other programs you might be running simultaneously to Matlab too.
In summary, my suspicion is that even though you could force Matlab to initialize 4 labs (or even 12 labs), you won't see much of a speed-up over 2 labs, since Matlab is generally fairly efficient at allocating tasks to the processor.
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