I'm no expert but... from my own experience as a child, what you describe is not good. Trust your instincts, something needs changing.
Schools, gifted or otherwise, vary in how much they present and how much they let the kid choose what to do next. Kids also vary in which environment is best for them, and that could change from year to year. Here's a theory: they are presenting him with a mildly/moderately gifted environment and assuming that he will ask for more if he wants it. (Worse, they may be waiting for him to prove he can do puzzles before going on.) Instead, he's waiting for them to offer a few tidbits of something interesting. He may also be disappointed by not finding peers in the class. So he's trying to do what's expected of him - stay at a lower level in reading, do cutting and pasting - but his heart isn't in it.
In our school search this spring we bypassed schools promising academic excellence for hard workers, but also skipped two schools offering to let the kids set their own pace. I think it takes some maturity and some experience with working at least moderately hard for a kid to understand what their own pace is. Right now he doesn't know that school *could* be less boring.
Definitely have that meeting and ask for changes now. Maybe...be sure you know what level you want his 4 tasks to be at, and ask them to just try a week at that level. Maybe he needs a full skip up to K now? If there's room, maybe you could try a visit to that class? He's been in pre-K for a year and a half now! He may feel he's been there and done that.
He should be playing at this age! And for him, working at his level is part of playing. Work below that is busywork, and he definitely doesn't need to learn that skill yet. ;P
