The steering appears to be faked, no countersteering, no trail (caster) effect - and that means an absence of that dreaded interaction between the various stiffnesses (fork, frame, engine, swinging-arm, tyres, rider) and the trail in response to the track and applied controls, namely: "head-shake", in the extreme leading to a "tank-slapper". Mostly in a sim these would be damped out by the game's control interface anyway, but they add a sense of authenticity and give rise to realistic turn-in timings and road-speed-dependencies of the same (determined by stability as much as inertia or gyroscopic forces).
When the rear end loses grip in the game, it does not regain grip until both wheels are traveling more or less in line, which is completely wrong - as anyone who has even seen a "high-side" can attest. What that means is you can glide down the track with the back end hanging out as though it were on a skateboard, until you either crash, or line the wheels up again.
My personal suspicion is that the underlying physics are not
single-track at all, but rather something like a sled or 4-wheel substitute of some kind - this can sort of be seen in the way the bike tumbles weirdly in crashes sometimes. My guess is the lean angle is therefore just graphical, and the physics implications of that (camber thrust, gearing changes, CoG movement, centrifugal loading etc.) are not taken into account in a cohesive and sensible way.