Can someone explain the factors Alteryx Server considers to determine how many jobs to allow simultaneously?

I've enabled this on various environments (v2022.1) and it seems to always only allow 1 at a time even when the available resources when something is running are more than sufficient to start another job. I also noticed that the wait time in queue increases significantly, which I assume is because it's running its algorithm, even when the queue is empty.
Help page doesn't provide much help and it seems like there should be some technical explanation on how it governs this setting to allow admins to evaluate and resize the systems resources to allow it to push more sim. jobs.
