I ran through a lot of areas that included cloth, liquid, hair, etc., and nothing triggered any activity whatsoever on my PhysX card. In all PhysX games and applications with GPU-rendered PhysX effects, the dedicated PhysX card at least does something more than 0%, but it just didn't happen in the Witcher 3.
Plus, if you look at PhysX Info's website, it even says the effects aren't GPU accelerated. I checked after seeing no utilization of my PhysX card, which was a bummer because they originally announced that GPU PhysX was going to be supported - http://physxinfo.com/news/11558/the-witcher-3-will-support-gpu-physx-now-officially/ - but then they pulled it.
Here is the official word, though:
http://physxinfo.com/index.php?p=gam&f=fx
If you look, there's a "?" rather than a check mark, which would have indicated GPU PhysX. Putting that together with online reports and my own tests showing 0% utilization of my dedicated PhysX card, there's little room for doubt.
There's no hardware accelerated PhysX in the game :-/