Omg I fixed it, I feel like I could actually cry right about now because this makes no sense and it cost me so much to even arrive at this solution. At one point I felt as if my mind was playing tricks on me but no it wasn't.When I first bought my Laptop it did actually come with Hyperthreading on and I knew because as I said there were 8 drivers present in device manager it's something the average person wouldn't have noticed but I did check there once or twice unintentionally and that's why even I myself started to question if there really were 8 drivers.Apparently, something must have caused it to turn off but because the version of the bios I had (Version 1.19.0) was actually an old Bios from the Dell Update app the performance tab you mentioned wasn't there. Then I had an epiphany, I decided to enter the service tag for my computer and check for updates on the website itself instead. To my surprise it actually was a version issue. After installing and checking Bios, I saw the performance tab and then I saw Hyperthreading and turned it back on. 
I have a 11th Gen Intel(R) Core(TM) i5-1135G7 @ 2.40GHz 2.42 GHz processor that has the capability of hyper threading. My laptop initially came with it on and I could see all 8 drivers under processors tab in Device manager, although now it seems it has been turned off and there are only 4 drivers. I have seen also in bios where it states that it is supported however there is no way to turn it back on.
Hyper Threading Disabled