Results vary with the multiple swing dynamics from player to player. With that said, when additional weight is added low and away from the face of the driver ball spin is generally increased and launch angle may increase some helping a player get the ball air born and the driver can be more forgiving on mishits. (Launch angle is influenced to a greater extent by angle of club head attack and loft of the metal wood). When weight is moved towards the club face, spin is reduced, however, mishits will generate more sidespin, especially with a lower lofted driver. (Hello, snappy hooks!) You are correct in your assumption with regard to the draw or fade. Additional weight heel side will very slightly move the center of gravity towards the heel (a few millimeters) which will slightly increase the corrective gear effect of the club on center / toe strikes to add more right to left spin for a right handed golfer, thus increasing right to left ball flight (or reducing left to right spin) Additional weight towards the toe of the club has the opposite effect, moving the center of gravity of the club head millimeters towards the toe, reducing right left spin and enhancing a left to right ball flight. Play around with the settings. It is a fun little experiment to see settings and weights optimize your ball flight and shape!
I hope this helps!