My understanding is that air restrictors are in the game and adjustable, but there is no way to police it as far as I know.
I don't believe there is an option to add ballast to the cars, but certainly would like to see this specifically as a "Success Ballast" mechanism. Again, there would also need to be a way to police it.
@azidahaka is talking about success penalties not necessarily BoP. While I CAN NOT STAND success penalties , they do have their place when done properly. Some of the best races I've had is when I'm at a disadvantage to others around me because it makes you perfect your race craft and have to actually work for an overtake.
Obviously it's not realistic for a "rookie" to compete with an "alien", but midfielders can definitely compete.
@azidahaka You should link the Spa race from season 2 where we finished 1-2.