In the context it is specifically speaking of the predestination of the elect, but the implications are far broader. It illustrates the foundational truth that God is soveriegn, while man remains responsible. It undermines the libertarian view of free will, that so many arminians hold to. namely, that if someones will is bound or determined by anything, including God, they are no longer free, and therefore no longer responsible. Of course this completely goes against Scripture that teaches that man freely acts, and therefore is morally culpable. And that God works all things according to the counsel of his own will. The Biblical position is that God ordains the free choices of men. Therefore, Paul silences the "arminian type" response, that argues that if God is soveriegn, there is no free will.
So while it's not specifically on God's absolute predestination over all things, it is simply the application of God's absolute soveriegnty to one area. Yet the whole concept of Divine soveriegnty and human freedom is dealth with, which concerns all of God's acts of providence.

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Gabriel Wetmore
Pastoral Intern, Fairview Presbyterian Church (PCA)
Fountain Inn, SC