Hi there
That's not a bad laptop, although you'll be limited by the Intel graphics. We're not super optimized yet since we're just pre-alpha, and the Intel graphics are notoriously tricky to deal with. I'm actually glad to hear it is working at all!
If you check out the game's config file (config.cfg at something like C:\Users\[user]\Saved Games\Terasology by default) there are a few more options in there that aren't exposed in the graphic settings menu in-game. You can try to edit those.
Some of the options not linked to the graphics quality preset can also make a big difference, although it can make the game look bad fast - resolution scaling, for instance.
Mostly a shorter view distance will probably make a big difference. No water reflection might help too.
Play around with the options and let us know if it helps! Check back for more optimizations in the future, although it'll probably be a while for anything substantial.