Not really.
Suppose you're encoding 5 minutes of 24fps video. That's 7200 frames.
The i5 will do the first pass faster: 51 seconds for the i5 2320, vs 66.4s for the FX-8120 - so that's 15 seconds saved. However, for the second pass, the i5 will take 266s, while the FX-8120 only takes 230s. It's 36s faster at the second pass, making it 21s faster overall.
The longer your video, the harder that 2nd pass deficit will bite the i5 - so for a 2 hour video you're going to be much better off with the FX-8120...