I did my own tests in the current version (e1.0.

comparing Khuzait and Empire.
I wanted to investigate it myself so I documented it as I went (I work as QA so, it kind of just happened)
Khuzait leader (cavalry) and footmen on horses
Khuzait leader (footman on horse) and 4 more footmen on horses
Empire leader (cavalry) and 4 footmen on horses
Empire leader (footman on horse) and 4 more footmen on horses
Further testing
To see if the issue is just affecting the tooltip or if it's affecting actual movement speed I followed caravans with a displayed speed of 6.4. I did this for three separate scenarios:
1. Khuzait with only footmen on horses, 6.44 displayed speed
2. Empire with only footmen on horses, 6.44 displayed speed
3. Khuzait with 1 cavalry, 4 footmen on horses and a herd speed penalty to also achieve a 6.44 displayed speed
Though I did not record it and do any proper measurements I did to the best of my ability verify that in neither case did the relative speed of my party to the speed of the caravan seem to differ at all.
So that would indicate that the tooltip is displaying the actual speed.
Lastly I tested with leader as cavalry (desert horse) and no items or party members, which as both Khuzait and Empire gave a speed bonus of 2.99 added to base of 4.99 for a total speed of "8.0" (7.8 in tooltip for Empire, 7.9 for khuzait, but this looks like rounding errors, not a 10% bonus from horsemen)
Expected result:
Khuzait cavalry bonus (only cavalry)
3.29 (2.99*1.1)
Khuzait all footmen on horses bonus (no cavalry)
1.64 (1.49*1.1)
Actual result:
Same speed bonuses as empire (and presumably other cultures, though I did not test them here)
That is 2.99 speed bonus with all cavalry and 1.49 with all footmen on horses.
Conclusion:
The Khuzait speed bonus has no effect on campaign movement speed.