I would recommend keeping the compute device set to GPU. That's what you want to use anyway. And to answer your question on whether or not it is just simulating gravity, or computing everything. Modern graphics cards have OpenCL in them, usually 3.0 and higher. And for games that use OpenCL (like US2), it is used for the gravity simulation, orbit projections, and collisions (that's what I heard), while everything else is rendered normally like any other game.
More than likely, OpenCL is gravity, orbits, and collisions, and then normal GPU computation takes care of texture rendering, and helping keep that frame rate up when doing crazy collisions or spawning many planets. I'm not an expert, but last I heard, that's why we have dedicated GPU's in the first place, to run games better and faster.