Not exactly..... Me and wraith discussed this about a certain troll that we wont mention on here and later tested...The skinny of it is this:
I have a legit fully broken in ACR (for example) I have 1031 hp and 873 ft-lbs of torque....If I want a fair race, just set the limit to 1035 and everything will be dandy,right? well a hacker can limit his ACR to 1030, but still have well over 1k ft-lbs of torque, giving me a SIGNIFICANT disadvantage still....
Now to detect this, the telltale signs are similar to that of an eCheater,only noticeable to the faster and more experienced. if you have a high-ceiling tune (like 9 flat ACR), you tree, and your opponent still flies past you to beat you by 2+ lengths, they just limited their hybrid. also listen to engine sounds and such....Shifts are a particularly curious thing to listen for as well......
At the end of the day , limiting hp is still effetive considering that the majority of dishonest hybrid users cant tune to begin with, and will most likely lose even with that torque advantage, but there are those mediocre guys out there who do this effectively. PAY ATTENTION.