Well yes. in a way. Make the final gear number smaller, and to a limit you can go faster... but very little from default. Make the number larger, and you accelerate faster. Us a smaller final or default auto for tracks like Route 246, and a larger final or smaller auto for tracks with short straits.
Suspension makes some difference too, search for peoples explanations of setting. When I raced the F1, I decreased the downforce by 5 fromt and read. This reduces it's drag to the wind and allows the car to have a better top speed. Take too much off, and your car will lose grip on the corners. It's a give-take love affair with all the settings.