Only you can answer your questions because it depends on the machine and the game. Oversimplifying a bit, the CPU sends the GPU a list of objects to draw and a resolution at which to draw them (which you can change); it's a honey-do list drawn up with tons of instructions. The GPU then gets to work making all the complex calculations to figure out the appropriate color at each pixel. If your CPU is at 100% usage and your GPU still has headroom, then you can run at a higher resolutions with little penalty. The GPU can only render the frames that have been drawn by the CPU. No instructions- no frame.
For instance, I have a Ryzen 1700x CPU and an Nvidia 1070ti graphics card. I get basically the same frame-rate running Overwatch at 1080p and 1440p. If your GPU is struggling, lowering the resolution allows it to produce each frame with few pixels (and less work). If your CPU is struggling, lowering the resolution won't do too much for you.
Good luck!