> Someone explained me quantum mechanics that it supports more states, not just on (1) and off (0), that it can have dozens or hundreds of states. Is this correct / state-of-the-art understanding?
No, that's not really correct. Being able to put states in superposition is very different from having more classical states.
> I imagine how cool it would be to have more states, not just 0 and 1. A computer running on more states could encode machine code in fewer instructions, so it could calculate more with the same frequency.
That doesn't really make any sense. A cycle is still a cycle. How many instructions you can encode with a given length doesn't tell you anything about how fast they execute.
Even going with an extremely charitable reading, I don't think there's any way anything that you're talking about could lead to anything better than a constant-factor speedup (and not a large one). The point of quantum computing isn't to get mere constant-factor speedups. Such a thing would be insignificant in comparison to what quantum computers can actually do.