If they would use CPU framerate would be at single digits. (or SPF)Everything can be rendered using the CPU. So, saying that it's a graphic setting, therefore it has to be GPU limited isn't always true. Since a lot of the calculations are highly parallel, the GPU is the best device to use, but they can have the CPU do it.
There would be 2 ways to do it.
1.
Render scene on GPU and send Z-Buffer back to main memory using PCI-E.
Render shadows on CPU by resolving world location from z-buffer data and using whatever method you want.
Send shadow mask back to GPU and use it with light calculations.
2.
Render identical Z-Buffer with CPU and use it to render shadow mask.
Send shadow mask back to GPU and use it with light calculations.
No, no-one in their sane mind use CPU to render random full resolution effects on CPU on PC.