From SI:
"Have spoken to folk about this and unfortunately this won't speed up the processing speed of the game. It will speed up some UI elements which use triggers, but overall will make little noticeable difference.
And of course it isn't official, so if your game breaks because of it, we can't offer you any support. Thanks."
"Yeah I guess this is why people perceive it to speed up processing, it will make the results on the processing dialog scroll through faster because they are displayed based on a timer, which is the thing that cheat engine modifies (to make time go faster)"
"You misunderstand what I'm saying, it is not speeding the game up at all - it is just giving that illusion by messing with the timer that controls how quickly it adds results to the processing panel."
So yeah, it's horseshit.