Gates returned to an active advisory role at Microsoft when Nadella took over, and while he's not involved in daily product and business decisions like he was as CEO or Chief Software Architect, we've heard this isn't just a figurehead position either.
In particular, Gates is an active participant in a debate at the company about the role of Windows. In the old days, the Windows team almost always got what it wanted, and if another division wanted to create competing technology, Windows often made it back down. Nowadays, there's a camp within Microsoft arguing that Windows should be forced to earn its place like every other product group at Microsoft.
If we had to guess, we'd say Gates is on the "Windows-first" side, but perhaps he's playing devil's advocate. Either way, he's spending more time at Microsoft than he has in years.