This logic only works in practice mode looking at the damage numbers on the dummy and disregards any "real" world factors of the movement speed or the life steal you mention.
What you're comparing here is two cars on a straight line, ofc the one with more raw power will come out ahead (ignoring downforce/acceleration/grip/whatever for simplicity) while on an actual track with bends n shit the result will be something completely incomparable.
Except in this case I'm also quoting practice times and the Ferrarri is still outperforming.
But don't worry, keep choosing the weaker car because its handling is slightly better. Sorry you can't catch the other racers in the straights.