Typically, a decrease in critical computer resources causes CPU utilization to increase until instability and then failure occur, but I can't say specifically that a decrease in PermGen memory is causing the behavior you've observed when running your program on your test platform(s). Did the profiling you've done indicate any other possible causes for the increased CPU utilization?
And why does it matter? If you know you have a PermGen memory leak and that the leak will eventually cause your program to fail, why not find the leak and fix it?