It's not so much PE it's more about seeing more cards meaning you get more info per hour played. This is mostly offset by players eating up cards in high counts.
Btw if you spread to two hands in high counts the effect is much greater.
One side note, almost every sim I have done even with realistic values for hph favors an approach of wonging in and playing two hands compared to heads up play with the same spreads. The main reason is that you bet at a higher avg edge so your Kelly bet sizes can be higher, plus you aren't tied to playing negative shoes so you can get almost as max bet opportunities as you could in a HU game. But in practice HU play is better. In a real casino with crowds many things can cut into your win rate. For example other players taking seats when you were back counting, being unable to spread to two hands or having problems switching back, players blocking your view causing you to miss cards, etc.
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