You can of course set the total number of cores up to 16 cores if you have 16 physical cores but let me double check on that. Open CMD Prompt, then enter the following command
WMIC CPU Get DeviceID,NumberOfCores,NumberOfLogicalProcessors
and post the output of it here.
Aside from this, you may see the box that says 'Num Variation to Distribute' . For this setting, there is no rule of thumb or anything. It's just a different way to distribute your jobs. The performance would vary depending on each project. Some HFSS experts on the other section might be able to give you some number if you post the details of your simulation that you are trying to run.
The rest of your settings seem fine.
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