There’s basically two layers to SC, a ‘hard’ layer and a ‘soft’ layer.It applies, but I don't believe it's physics that affect how it works.
Your acceleration and speed are determined mostly by the target you have selected, and usually your FSD will slow down near big celestial bodies, which isn't exactly how gravity should work.
Sometimes it shows you're speeding (with speed indicator going out of scale) - but that means you're moving too fast (to safely drop out of supercruise I assume) - when usually you're actually constantly slowing down.
I always thought this is more like safety option built in FSD - to save pilots from hitting planets at full hyperspeed, so when FSD detects gravity well it will automatically lower the speed cap.
The hard layer is the background physics, and is what determines the max Supercruise speed at a given point in space.
The soft layer is then on top of that and is your ship’s computer doing things to make navigation easier. Essentially the computer adds a soft limit to max Supercruise speed which is less than the hard limit. It does this in relation to the object you’ve got targeted. To all intents and purposes the ship’s computer simulates a small gravity well for objects (stations, USSs, etc.) that are too small to have any discernable gravity well of their own, and it only does so when you target one of those objects.
Without the soft layer most would have great difficulty dropping out into the desired location, and it would probably be nigh on impossible for new players (particularly given that there was apparently a need for undocking computers and SC assist).