I tried the game with Cheat Engine's "Speedhack" option on, set to 3.0. I was wondering whether someone could try this also and confirm whether AI turns go faster or not. The console reports much higher turn times, as the game's clock is running faster. But the actual speed... perhaps a misperception of faster turns. I'm not sure, as turn per turn times vary with or without Speedhack.
What I can confirm is that the UI and space battles go faster, (up to your hardware limit or preference). So those whom dislike the slowness of large fleet battles may find Speedhack useful for their personal enjoyment. As may experienced players whom just want everything to move as fast as their hands can use the mouse.