I use Xorax IncrediBuild to build Visual Studio 2013 (or later) projects.
Unfortunately, I can't find any confirmation in the IncrediBuild documentation.
The /MP switch causes the compiler to produce copies of itself in separate processes, the copies compiling the source files simultaneously on your local machine cores.
IncrediBuild has its own mechanism to parallelize the build, and that mechanism completely overrides the /MP option. Using IncrediBuild makes the /MP switch redundant since the build is already distributed and uses idle cycles of CPUs not only your local machine (the initiator) but also uses idle cycles of other computers CPUs that's on the local network (the agents). So the bottom line is: /MP switch can't hurt IncrediBuild but it doesn't help it get better results either.
Note that I work for IncrediBuild.