We assess the continuous wave and dynamic routing performance of a compact silicon-on-insulator disk resonator overlaid with a graphene monolayer at telecommunication wavelengths. Switching action is enabled by saturable absorption in graphene, controlled by a pump wave of only a few milliwatts. Graphene saturable absorption is modeled through a carrier rate equation that incorporates both the finite relaxation time and diffusion of photo-generated carriers, providing a realistic account of carrier dynamics. The overall nonlinear response of the resonator is evaluated with a rigorous mathematical framework based on perturbation theory and temporal coupled-mode theory. We thoroughly investigate the effects of carrier diffusion and finite relaxation time, both separately and together. We also take into account nonlinear refraction via a Kerr effect term and quantify its impact on the overall response. In order to suppress the Kerr effect, we replace silicon with silicon-rich nitride, allowing for the individual contributions of the resonator core and graphene (of opposite sign) to exactly compensate each other. Our results contribute to the understanding of carrier dynamics and their impact on the performance of practical graphene-based switching components.