The speed at which AE renders your compositions and plays them back is not related to that check box. That's only for how it handles the panels themselves. I mean, if you're using color management, it might make a bit of a difference, but not much. Also, that feature uses OpenGL, not CUDA.
The more important place to check that your GPU is working is in your project settings. Can it be set to use CUDA there or is it set to software only? It might not help you at all, but if you are using Fractal Noise, Lumetri, or any of the other effects that are GPU-accelerated (Gaussian Blur, Fast Box Blur, Sharpen, Brightness and Contrast, Find Edges, Glow, Hue/Saturation, Invert, and Tint), it'll help - perhaps by a lot!
Now, if you're using the obsolete, ray-traced renderer, you'll also want to check the ray-traced renderer's settings to make sure it's working there too.
You might consider updating your GPU driver (not the CUDA framework, but the actual GPU driver.)
Ah that's right, thanks for that clarification!
Ive considered updating my GPU, but I find that it works well enough for what I need. I just updated to an SSD to store media for working projects and a separate one for my cache / scratch disk. Seems to have helped quite a bit so far.
Do you know if AE's built in motion blur (just the motion blur option in the timeline) is effected by your GPU? I find that rendering layers with motion blur takes quite awhile sometimes.
I'm not saying to get a new GPU; I'm saying to update the driver for it. The CUDA framework and the driver are not the same piece of software.
AE's motion blur is not rendered on the GPU.
AE doesn't use the GPU for much.
Other than the obsolete ray-traced renderer, the few new effects I've mentioned, and a bit of color management and interface stuff, GPU's don't do anything for AE.
Now, there are a bunch of third-party plugins (Red Giant's Universe and Magic Bullet, Video Copilot's Element, Bao's BOA, Mettle's ShapeShifter, and Zaxwerks' 3d Invigorator are just a few examples) render entirely on the GPU or use it to accelerate a lot, but their requirements have nothing to do with AE's and whether or not they use GPU has nothing to do with whether or not AE even recognizes that you have one!