Yes, there are two big coaster parts, but there's the simulation part you mention that tries to make you feel like you're falling. Obviously no real movement, but it's the same type of thing as Spider-Man.
It may be a minor part of the ride, but I hear people come off the ride a lot and are like "That was cool! It was like a combination of Mummy and Transformers!" or something like that. Not that that's bad, but it's almost like Gringotts was a greatest hits ride for UC. Lets throw the best of all technologies we've got into one ride. Sure it turns out to be really cool, but it still brings comparisons because of the aspects used based on those other rides. I'm not trying to be that critical, just pointing something out about the ride and UC in general.