What it means, is that he is delayed, compared with what his peers of the same age can do, across all areas of development - as opposed to perhaps just having speech difficulties, or just a physical difficulty but no delay with his cognition and learning skills, for example.
As to if it can be 'treated' if will depend on what you mean by treated. It will also depend what is causing it (hence the genetics testing being suggested).
So, in my authority, SaLTs (Speech and Language Therapists) will often not have much input into a child with a GDD, because actually their speech is in line with their overall development. Say, for example, they are 3 yrs old (36months) but currently functioning in a way you would typically expect from a child of 8 - 20months, then the child's cognition (understanding) isn't really ready for a 3 yr old's language. Does that make sense ?
Some children do 'catch up' - again, it depends on the reason they are delayed. GDD is a bit of a 'catch all' term, and includes dc whose delay might be due to them having been neglected for example. If they are then placed into a loving family / a great Nursery or CM, then, yes, then can catch up a lot, with additional support and attention. Some children are delayed because they were very prem, and actually wouldn't be seen as being 'behind' if you compared with their 'corrected age'. Some children have spent much of the first 2 years of their lofe in hospital, and haven't had the chance to run, to play and to experience all they would have in an ideal world.
Do the word 'delay' does suggest that, over time, they may well 'catch up', however, there are of course children with cognition and learning needs that don't catch up, and there are dc who fall further and further behind over time.
Not sure if this helps? It's difficult to know what you are looking for with only a little information.