I find the GS is amazingly economical at medium speeds, but burns fuel exponentially as speed increases (which all vehicles will do as it takes @4 times the power for dounle the speed, but the GS is a brick so probably fares worse)
Engines are most efficient at peak torque, but this is not always a good cruising speed - peak torque on my ZZR1400 was at 150mph in top, also this is peak torque at 100% throttle, peak torque may move up or down on lower throttle openings, anyway there are many factors.
The closed loop part of the fuelling (where the ECU measures and alters fuelling) is small on most bikes (not sure of BMW specifics) but often the bike will be going of a fuelling map and not adjusting mixture based on O2 readings (although air temp / engine temp alters fuelling, the current O2 reading may not)
On the closed loop it will be very efficient - probably why the bikes are so good on steady runs, other twins I have owned have guzzled gas.
With the poor aerodynamics and (compared to faster sportsbikes) low gearing the GS is going to get punished on fuel consumption at higher speeds.
My ZZR did 100mph at 5k, just of idle really, with its small low frontal area, a huge fairing and wind tunnel tested bodywork easing it through the air it was pretty good on fuel, 90mph two-up cruising returning about 43-44mpg, however it was barely any better at 70mph, the best I ever recorded was 48mpg on a steady run from work to home (trying to get good fuel consumption and keeping the speed below 80) and I came to the conclusion it was not worth slowing up, for the few pence I saved I would rather get there quicker.
I found the GS avaerages high 40's if ridden at the sort of speed the ZZR would get 45mpg, but I happened to be riding the old work-home route on the GS so reset the computer and rode at a simlar pace, it averaged nearly 60mpg!!!
Knocking 20mph of the Z's cruising speed only saves about 7% fuel, on the GS it seems to save about 20%. Very significant.
As to the Alps, over a tour of several thousand miles my averages seem to be stable, if my old bike did use more fuel in the mountains / less fuel in Europe it was not that siginificant.