Yes, that is low CPU usage.
The reason is because your GPU is pretty slow. Especially when you compare it to your i7-2630QM (which is a pretty new, and pretty good CPU for a laptop). That means that the GPU is the bottleneck to get higher framerates. Compared to the amount of work your GPU needs to do for every frame that is displayed, the CPU is done with its work in 20% of the time it takes the GPU to render a frame.
Not much you can do to change that. If you have acceptable framerates, and all the eyecandy you want, then there is nothing to complain. If you want higher framerates, you could tone down, or turn off, eyecandy (no AA, no high-res textures, going from Ultra -> High or even Normal settings, etc).