No, because it's fun. Besides, who's actually got the balls to test that this effect would/wouldn't be possible in the real world. We know F1 cars are mathematically capable of driving upside down so there's that I guess.
No, there is no option to do this. The best you get is the name and position that appears on the bottom left of screen when a single driver is in view.
It provides a different, more realistic way to stream races. You can see LFS TV Director in action in this recording that happened earlier this week (skip to 30:08 for the start of the race): https://youtu.be/2ZCNtfVkIug
Thank you to Ronald (n3ox) for providing the stream for both events and for helping with commentary. Thanks also to Frank (franky.s) and Connor (liv4eva) for aiding with stewarding and commentary.
Although that race definitely got messy in the middle, we hope that those involved found some enjoyment in the race.