...including the possibility that the shader compilation would be part of launching Elite...
Well, we do get the message (...and the associated wait), about the planet generation shaders recompiling, every time there is a client update; Or every time the game is launched, if one disable shader caching... :7
The developers have in the past talked about a "baking" (...I think was the word chosen...) procedure for settlements, so it does sound like their placement may in fact be generated off-line, possibly hand-tweaked in some cases, and fed to the client by server, rather than plonked down according to seed, client-side... Less sure about orbitals.
Not that this has managed to stop weird things from having happened when the game switched over to the new terrain-gen, with things like the research base in the California Nebula, which was expressly built next to a field of one the first signs of life we got to see on planets, in order to study them, now being on opposite sides of the planet to that field, and the field now containing some different class of scatter object to what I believe it still says in the tourist beacon added to it; And the Salvation-story-relevant "Fort Asch" in HIP22460, which used to be carefully laid out into the topography of valley, but now sits on this manufactured-looking plateau mid-height on a steep crater wall, with its POI marker soaring in the void, miles above it.
Bar environment/loot-object-spawn-point-, and colour variations, there is of course also only a relatively small handful of prefabbed locations to go to.
-I for one am rather tired of 30% of all surface distress signals being those exact same smugglers who had somehow managed to strap two cargo cannisters onto a Condor...

I guess knowing exactly what to expect at a POI, from its name, is good for grinding -- not so much for variety... :7
Actually, after doing a bunch of reactivation missions in Thargoid Recovery systems, I found myself wondering if the rules for placing settlements do not specify a small number of certain locations on certain terrain prefab heightmap tiles, because I only too often found myself landing on the exact plateau outcrop, and driving over to the exact same settlement entrance gate, located and oriented in the exact same way relative to the plateau, in several different systems...
