It shows logic (in update_particles) taking substantially longer than the rendering (render_parts, render_fire, sdl_blit, etc). So it's not really a small fraction of the time taken.
There is OpenGL support in the source code, but it is disabled in the compiled versions on this website. It mostly works correctly, you can compile it on linux using "make powder-sse3-opengl", or "make powder-64-sse3-opengl" on 64 bit. Speed will vary depending on your hardware. OpenGL is slower than the normal version on the old laptop that I'm currently using - 25 vs 55 fps when paused with a large block of dust in fire view.