I use in car view or sometimes a LFS force like view (no car, just the tires, to see the track and tires better). I've tried chase view, but I don't pick up the car's responses to steering inputs quick enough, and I end up overcontrolling the car with laggy control inputs.
However, it's my belief that for any racing game, that a chase like view, probably just showing the 4 tires, and perhaps slightly higher, is going to produce the best lap times by an expert chase view driver. The analogy for this would be driving a remote control car, with an on board view versus an external view.
Since there are no forces to feel, a good chase view, perhaps with exaggerated yaw effects (yaw that can be seen in the chase view as opposed to yawing the chase view itself), would compensate for the lack of these forces.
Most racing games use audio based "assists", such as exaggerated tire scrub and squeal sounds to help with the game, in spite of the fact that these sounds aren't realistic. The same type of logic would apply with visual "assists" (like smoke from the rear tires to indicate how close to the limits they were, or LFS's force view), but these would be best implemented with a chase like view.
If the goal was the fastest lap times in a racing game, regardless of the physics, then visual "assists" would produce faster lap times. However, it wouldn't seem as realistic. It would be like driving a remote control car (which in essence is a better analogy to racing games than driving a real cars, since there are no acceleration based forces to be felt in a remote control car or a racing game car).