I couldn't discern much of a difference in the hand of god effect last night. After spending a good deal of time doing TC ON vs. OFF comparison in BMW M6 Gr.3 on RH, I have drawn a few conclusions. With TC OFF, there is still some weird slide/catch behavior but it mostly behaves as you'd expect within the range of slip you'd consider yourself to be in control of the car. It's only when you would have really lost it that it tries to help you and it is noticeable. They're trying to keep people in the race, I guess.
The big revelation I've come to is that with TC ON, the car is much more likely to do the weird, sudden "step-out" slide. I think this is usually perceived as the "hand of god" because it is such an abrupt, unexpected slip that miraculously catches itself. But the initiation of the slide itself is bogus, not just the hand of god catch part. I believe PD has implemented this sort of slip/catch behavior as a way of punishing people who rely too heavily on TC. Come out of a turn hard on the gas, and it will step out even more abruptly than if TC was OFF, but catch the slide quickly such that it only costs you a few tenths. It rewards you for driving like TC is OFF, I suppose teaching you to be a better driver. This is as opposed to conventional (real) TC behavior, which could never produce an abrupt slip/catch effect like that.