What exactly happens when switch receives the frame with given EtherType? Does it analyze it at all or only looks if the TPID is present?
Switches are transparent devices, and they simply don't care about the payload of a frame. A switch is only concerned with the source and destination MAC addresses, and a VLAN tag if the frame happens to use a trunk.
A switch will use the source MAC address to build or update its MAC address table, and it will use the destination MAC address to figure out to which interface it should forward the frame by searching for the destination MAC address in its MAC address table.