It also depends by the power of your CPU...
The setting of "time step" has nothing to do with with the speed of your computer, but the value in "1 real sec = " is dependent on your CPU.
But isn't timestep the leap the CPU makes when it calculates a "cycle", so a better CPU would allow more time to pass faster at lower timesteps, while still being just as accurate?
That sounds mostly right. To be clear:
A better CPU would allow the same "time step" to run faster, but on any CPU the accuracy would be the same.
If the time step is 1 minute, then each frame shows the result of 1 simulated minute passing. If it takes your computer 1/30 of a second for each frame then in one real second your computer could compute 30 minutes in the simulation so "1 real sec =" would be 30 minutes.
Another example: Time Step = 1 minute, but on a slower computer it might take 1/2 second for each update. (15 times as slow as the example above). So "1 real sec = " would be 2 minutes.
If you set "1 real sec = " to be 1 second then the simulation will simulate in real time.
And in looking at this it would appear that "1 real sec = " is broken in Beta 3. The value is updating correctly in the old UI, but it's not updating in the new UI. I'll fix it for the next update.