When a player is running on fumes, extremely low gas <0.1% or so, other players on multiplayer can hear this sound effect - but not the player driving the car. I would think it should be the other way around if anything, but I don't see why both player and spectator couldn't hear it at the same time.
To know what I mean have a friend take a car (MRT) on a track (FE3) and add only 1% of fuel before leaving pits. Spectate your friend as they drive and listen very carefully, you will know when they are running on fumes and can tell them. As long as they aren't directly watching the F12 screen - you will know they are running out before they actually do run out - and yet the driver won't know.
If you hopped in the car and did the same, you wouldn't hear the sound, your only chance of knowing would be the F12 "break realism" screen.
To know what I mean have a friend take a car (MRT) on a track (FE3) and add only 1% of fuel before leaving pits. Spectate your friend as they drive and listen very carefully, you will know when they are running on fumes and can tell them. As long as they aren't directly watching the F12 screen - you will know they are running out before they actually do run out - and yet the driver won't know.
If you hopped in the car and did the same, you wouldn't hear the sound, your only chance of knowing would be the F12 "break realism" screen.