It is a love letter alright but it doesn't convey the feel of real motorsport events (at least in singleplayer campaign except for a few championship events) as you always start from last row and are supposed to win (or finish 3rd) in like an average of 3 laps which isn't possible with equal material. So what you do is to upgrade your car to the maximum and push and shove your way to the first place without taking any caution to the AI driver. It feels more like an racing RPG where you have to upgrade you gear in order to progress/win. It's not a level field.
It's cool for casual players and/or getting to know the game, but as the main part for the singleplayer mode? It could do better.
Online mode, apart from the championship events that only occur on a few days, daily races are trash with completeley borked match making that puts you into races with players with trash safety rating. Players will crash into you on purpose (no wonder seeing how they're educated in the singleplayer campaign) and you can't even report them except for offending profile pictures and such (lol, real telling that you can report people for THAT but not for shitty behaviour on the track, where 90% of the game takes place). The developers really take their esport and sim approach seriously but lack the infrastructure and options to report and analyse misbheaviour, like they do in iRacing, is baffling. If you ask 80 EUR for the game, 10EUR for a PS5 upgrade, charge for multiplayer (PS+/essential) and advertise your game as a real driving simulator and how serious you are about esports, the LEAST I expect is a report button for on track behaviour. Better if you could upload replays in question so that people can get banned for repeated lack of sportsmanship on track.
I don't think it's better in Forza 7, though, but that's my impression from GT7. The racing and driving itself is ultra fun. And if you do compete in these championship events, there the matchmaking actually works perfectly. Did a few races the whole day and every one of these 16 drivers on all races had the same driver and safety rating and the delta after finish was within seconds. Great racing. But again, only on these fixed dates.