Noooooo... The penalty system is almost impossible to get right in a video game to the point that I always take it off.(don't get me wrong, I agree with you that any serious form of action should take a severe incident).
In F1 2010 the system is rubbish. Someone tries to sneak a nose in and pass you in situations you should NEVER attempt a pass and you cut them off, bam, drive through. Someone has an off in front of you and slides back onto the track and collects you, not only did they just cause you a shunt, losing time, possible damage requiring you to box, but now you also get a drive through penalty because you got collected in an accident you had nothing to do with.
Cutting corners? With the new physics, cutting most corners will be extremely difficult on professional mode anyways and if you're gonna cheat, you're gonna cheat anyways. Now what happens when someone spins round in front of you and you have to avoid it by going into the grass? Penalty...
Maybe a very, very limited penalty system should be added but for me the lack of realism was always much more frustrating and blatant than any realism it adds to the game and unless you drive like a 🤬 you shouldn't have to worry about doing anything penalty worthy to begin with. And if you want to cut corners and cheat you obviously aren't all that concerned with realism to begin with so...
The only time I agree that corner cutting should be penalized is qualifying or time trials. During a race? Thanks but no thanks, I'd rather not lose a race because I had to avoid someone going off and sliding back into the driving line in front of me.