In practice, of course, it's all going to go a bit south when road cars go to 90% EV. There is already a "formula E", of course.
Someone on reddit showed a graph comparing both, and it's just ridiculous.
I'm an avid F1 fan since 1990s, and think hybrid engines is the wrong way to do it.
That said, its still dumb since consumer cars are moving on from hybrids it seems.
It also depends on what your point of comparison is. Current vehicles are able to go faster with a V6 than the old V10s could, and that compactness is saving weight and adding performance elsewhere, so it's not as straightforward as modern F1 cars being too heavy. Modern cars also have a much bigger focus on safety than the old cars did, which, again, adds mass.