Maybe sliding to this extent would not be as fast in real life, but any lap that's on the limit IRL will contain a lot of very small slides.
Since I have raced nine seasons of SCCA Club Racing and have 25+ podium finishes, I will share my perspective on the differences that I see from real life to the GT6 time trial. This statement by Bandit Karter is very true. I would call it slip is fast, not slide is fast. Ever heard the term "a talking tire is a happy tire; a tire that is quiet and a tire that is screaming are unhappy." That sweet spot is the tire slipping just the right amount - a happy tire.
I control the car a lot by feel through my hips and sound of the tires. Feel through the seat is impossible in Gran Turismo and tire sound is not done very well. What am i listening for? It's different for each type of tire. A street tire like a Toyo RA1 will make a low almost growl when it is approaching the limit, a nice mid range tone when on the limit and a higher pitched almost screechy sound when you've gone too far. Combine that with the angle of your steering input and the feeling in your hips... that feeling that the car is dug down into the racing surface. A good handling car will feel like a slot car, like it is on rails. You can feel that pulled down into the track sensation and if the tires sound right, you can attack every corner with high confidence. Loss of grip with a good handling car is gradual and easy to stay on top of.
If one end of the car isn't making any noise or one end is screeching, that's a warning sign and as a driver you need to react and correct. With a street tire there is a large window of opportunity between the low growl and the scream. It is much easier to save a car on street tires if you are on top of how the tires are sounding. The street tire talks to you a lot, gives a lot of feedback. When on race tires, that window is cut by about 2/3rds. I have to be way more on top of what the tires are telling me and make much quicker decisions about correcting.
I raced go karts for a bit on very short courses. There was a definite line between grip and slide. If you crossed over into slide, you didn't wildly spin out like in the game, the kart just kicked sideways a bit, you kept your foot to the floor and counter steered, but you just cost yourself 0.5 seconds.
Same thing in racing my Honda Civic when I first started or with the Miata I drive now. If you stay within the limit.. happy tires talking to you, not screaming, you will be fast. It's that dug down into the track feeling. If the rear kicks out and you have to counter steer, you just lost half a second.
What I have noticed with this GT6 GTA time trial is that many of the indicators are missing. I have turned the sound way up (music always off) and the tires don't give me any warning before they are going to change from on the limit to spinning out. The only warning in the game is the tire graphic way off to the left of the screen. It's not practical to watch that image when your eyes need to be far up down the road. My biggest gripe with the time trial is that there is so little chance of saving the car and only costing yourself that half second. I am either on the lap or sideways.
I am amazed at the top times. These guys have really perfected the art of taking in all of the visual cues. Correction, I think that they are driving more from memory than from the visual cues. I found that I got faster by remember how hard I could push the car in certain corners, not by seeing what is actually happening with the car. Smooth inputs and memory of what you have done 500 times over seems to be what make you good in the game.
Vs. real life. Aggressive turn in, slide through apex, catch the car on exit is not always the fastest way around in real life.