Yes it does have 12c/24t but your droplet only has 1c/1t made available to your droplet. This is a well known virtualization layer trick. This is so droplets can share the server’s hardware more fairly and more efficiently according to their plan resources.

Some plans have 2 cores, for example. So /proc/cpuinfo will show 2 cores.

This is so droplets can share the server’s hardware more fairly and more efficiently according to their plan resources.