When it is hot out Air is less dense so the wings don’t generate as much lift.
I believe engines make less power when the air in is hotter too as there is less delta T. Something something Carnot cycle
I believe engines make less power when the air in is hotter too as there is less delta T. Something something Carnot cycle
Anyway, I think the reduction of oxygen density is the primary driver for reduction in power as ambient temperatures rise.
For airplanes take-off, the lift is the issue I'd say.
The elevation of the track is around 2200m, and as you say the loss of drag more than compensates for the loss of engine power. Though being turbo engines helps as I understand.
[1]: https://en.wikipedia.org/wiki/List_of_Formula_One_race_recor...