They way I understand it.. CCM (and I believe CCME) goes by the HIGHEST codec supported. The codec you configure for the device means it won't use higher speed codecs.
So if you configure g.729, it won't use G.711 and wideband.
The message you see is a capabilities exchange message. What codecs can we consider using for who we want to call.
You can verify what codec got selected by pressing ? on the IP Phone twice quickly when the call is connected. Or you can sniff the packets as you did.