Yes, but they have PE on the routes to support long haul flights - primarily Australia to Europe and Australia(PER) to USA. QF has PE product to UK and US too. A side benefit for CX is that they can sell left over PE seats to those terminating in HKG as well (like QF do between DXB & LHR). QF do not connect to anywhere "long haul" from their A330s (apart from to codeshares) and therefore they are only selling to the medium haul market, mostly 7-9 hr routes. I question if demand is enough for PE on these length routes, most people seem to able to survive 7-9 hrs in Y, it's the 22 hrs that's more difficult in Y.
have just completed a SYD/NRT/SYD flight on JAL in premium economy, and was very impressed with the product, cabin crew, food, and seats. All P.E. Passengers were invited to the QF or Sakua Lounges prior to departure, and the cabin was a sell-out. On the return I was offered an upgrade to J, due to a full house in P.E., and the Pax getting off in SYD we're not onward bound.
It seems people are willing to pay 2-3x Y fares for PE to go to Europe, but would enough be willing to pay the same multiple just for a relatively short hop to Asia (say $1500-2200) to make PE profitable?