Can the GPU be used while video editing I'm currently using Blender for video editing.

I have an AMD R7 and I have configured OpenCL in my user settings.

However, it doesn't seem to make rendering video any faster. Can the GPU be leveraged in this specific scenario or is it exclusively for 3D editing that the benefits can be seen?

Update #1

FWIW, exported in Blender using lossless method and will be encoding using VidCoder. Note, VidCoder uses all the cores on my system.
No there is no GPU assist for the VSE (sequence editor) and before you ask, no you can't have more cores either. You can make an OpenGL render (without audio IIRC) though. If you look at an OS task manager or resource monitor you will notice that there is very little stressing the CPU or memory. As it is not a core function of Blender it is not well optimized for system resources.