Yes. Therefor, this makes for a horrible comparison. Ideally, players would hop into an actual F1 car in the game (Formula GT is not an actual F1 car) and compare with lap times set for that car's year. So, in the case of the F10, we'd be comparing versus laps set in 2010, and of course the F2007 laps would be compared versus 2007.
Monza, 2007:
fastest qualifying lap - 1:21.356
fastest race lap - 1:22.871
Monza, 2010:
fastest qualifying lap - 1:21.962
fastest race lap - 1:24.139
1:20.XX. Didn't try really hard but the power would make it better on the straights, the F1 cars are still nicer to drive, especially around the Lesmos.