Personally, I’d rate the new physics a 10/10.
I love drifting and have enjoyed it in other simulators and sim-cades like Forza, AC, and LFS.
However, in GT titles since GT4, the transition between losing and regaining grip felt incredibly "peaky"—almost like an on/off switch. It was impossible to drift properly anywhere other than on gravel, let alone enjoy it. (Since I'm playing on PS4, the lack of trigger feedback is likely one of the contributing factors.)
However, the new physics have greatly improved this issue, allowing for smoother tail slide control, similar to the aforementioned games, and finally making drifting freely enjoyable in Gran Turismo.
Intentionally pulling the handbrake to drift for fun during a race? That was something unthinkable for years!