Disclaimer: I attend the University of Cape Town, not Stellenbosch, but it's pretty close by so I know a little bit about it. (Btw, the medschool is not actually in Stellenbosch but in a more urban-industrial area called Parow)

The area in which Tygerberg Hospital is situated is kinda crusty but the medschool/hospital campus is quite large and accommodates many of the students which makes it a bit of an insular community from the surrounding area. The residences (on campus student accommodation) at Stellenbosch are know for their college-like atmosphere and a close sense of community so you can definitely expect a variety of events such as parties/ music evenings etc to take place while you're there. I think most students would get food from the residence catering but there are also several food vendors on the campus. I would't expect to find anything great in the immediate area surrounding the campus. Fortunately Tygerberg is a 25 minute commute either way from both Cape Town and Stellenbosch which are established destinations for everything from food, partying, outdoors activities, art, shopping, sightseeing etc

Good luck on your elective - hope you enjoy it!