It is so simple that you don't need to risk your life trying it with a car. Just do it with a bicycle and tell us your experience with the low pressures. Describe what you feel and take scientific measurements of temperatures, top speeds....
How do I dare to compare a bicycle with a Formula 1? Very different "scenario" !!!!
Actually the bycicle thing is still explained by what I said. I will use arbitrary values (and most likely waaaay too high) so u understand.
Imagine u make 5hp with your legs. And now let's say that running the tires with lower pressure than "ideal" produces a force (drag) that requires 3hp to counter. 3hp is 60% of what you produce (5hp),so you will sure as hell notice it.
Now a road car in regular driving. Let's say your road car has 100hp. And let's say that running lower pressures than ideal will, in this case, due to extra weight, more wheels, etc, requires 10hp to counter the forces.
In regular driving you will probably use half (if that much, probably a lot less) of your engine power, so let's say 50hp, so in this hypothetical case, in regular driving, you will spend 20% of your power counteracting that force, which will make the car go noticeably slower, and/or noticeable lower gas mileage.
Now if you go flat out on that engine, the extra drag is just 10% of your total power, so now the effect is effectively halved.
Now you pick a Racecar with about the same weight as this road car, and about 350hp. The required power to null the drag is still 10hp,but that is now just a mere 2.86% of your available power.
Should need no further explanation.
And, once again, as the wall of text I just posted suggests, it is NOT that simple