1. python has threads. they just cannot perform CPU bound tasks in parallel due to the GIL. The GIL is released for IO, so threads can perform IO waiting in parallel, just like asyncio 2. asyncio runs in one thread, and has the exact same limitations as threads as implemented in Python, CPU operations are serialized, async tasks can yield for IO.
the advantages offered by asyncio are: 1. you can have thousands of tasks extremely quickly cheaply, which is not as much the case for threads in Python . this can allow for massive concurrent architectures more expediently, provided your concurrency is very IO bound (if you are CPU bound, disaster) 2. people just like asyncio's programming model, IMPO this is largely due to the popularity of Javascript's event-based model being natural for lots of newer programmers