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Okay, I've given your game a little bit of a shot, and I think I have a few things to say.
I think the idea of letting go of the accelerator to help steer is a little bit flawed. Maybe you could implement an air brake system of sorts. As an  Example, LT would help you steer left and RT would help you steer right while pressing both will slow you down for the more delicate steering areas.

There's also a long stretch of road that the finish line is on. It allows the player to get to the max speed of around 235MPH, and if I crash at this speed, I kinda just bounce off the wall like a rubber ball. Not sure how hard this'll be to fix, but eh. Now you know.

Thanks for the feedback! Agreed about the collision stuff, especially at high speeds and perpendicular angles the kickback and slowing could be greatly increased. I do want to leave some room for using the side rails strategically, but ya it's too rubbery right now!

In terms of the braking, I've been thinking about trying out a dedicated brake button at some point, but I want to see if it makes sense to have different cars handle drastically different first. I like your idea of assisting the turns tho, kinda like the F-Zero lean buttons.

Another great game to get inspiration from is Wipeout! They're kinda similar to F-Zero, but I'm not very familiar with F-Zero.