a) An acyclic computational graph is equivalent to a program without loops and thus not Turing-complete
b) A cyclic computational graph is equivalent to a program with recursion. The closest analogy from the programming world is a program without loops but with recursive calls. This means that it has Turing completeness, as loops are fully interchangeable with recursion (just different facets of the same thing).
As easy as 2+2=4. This means that a neural network is essentially a program. The only difference is the way to write the program: neural networks do it themselves by "learning".Those simple observations explain everything. Brain is essentially a biological Turing-complete processing unit with full plasticity, as you can build any network (program) by changing "weights" of the neurons. This also means that full AI is possible, it is just a matter of the available computational power. Why is that? Because Turing completeness guarantees the absence of boundaries for achieving progressively sophisticated system abilities.