If you go to Arcade Mode you can choose a 'Single Make Race' for each track. That's the only place that the Ferrari F1 2007/2010 cars can be raced.
Don't confuse the car with the PD Formula GT car (modelled on a late 90s F1 car). Those can be used in a LOT of races and are invaluable for B-Spec grinding.
Ya pretty pointless