No, the truth is MOST LFS cars do NOT rev too high. For instance, the turbo GTRs make maximum power at about 6000rpm. Last time I checked, the 600hp twin turbo 3.6L engine of the Porsche GT1 reved to about 7500rpm, though unrestricted ones would go to about 700hp at similiar peak rpms. Though the LFS 2.0L GTR engines are based on the principle of making massive torque with the use of massive turbos and around 3bars of absolute inlet pressure, so it isn't too bad.
Most cars actually rev perfectly, but have absurdly bad powerbands. The classic case is the RB4. It revs easily to 7500rpm, which is reasonable for its kind of engine, but maximum power comes at only 6000rpm. Again, there are serious turbo modelling issues here. Yes, the RB4 will rev to the 9000rpm peak of its rev counter, though this is as far as it will actually go with no rev limiter and doesn't do any good. For a RL comparison, the 4G763 2.0L turbo would rev to 9000rpm if the rev limiter was removed, though then again such excessive revving does it no good anyway. In fact, the engine can safely withstand short transients to that rpm, though it is not advisable.
Next is a RL DIESEL case study. I happen to be familiar with the 4D56 diesel engine. It's pretty revvy for a diesel engine, redlining at 4500-4700rpm, depending on tune, with peak power usually between 4000 to 4200rpm. Some fellow Pajero drivers that use the same engine have actually reved it to its 6000rpm peak for a couple of seconds without too much incident, though the timing belts, etc and other drive belts tend to go before the engine suffers really significant damage. So yes, it CAN overrev to such rpms, though it makes no power there, so it's pointless.
The only car I've REALLY noticed to have a silly redline is the FZ50. Last time I checked, such flat sixes from RL Porches redline a around 8200rpm, and it's the latest 997 model GT3 with about 415hp! Maximum power is at around 7600rpm anyway. That 9000rpm redline for such an "underpowered" (360hp) car is just absurd. Hmm, must be a revvy and torqueless unit, but it certainly doesn't drive like one. I can reasonably accept that a 9000rpm redline is a necessity for a 3.6L NA to achieve 490hp, but a 9000rpm redline from such a relatively large engine that somehow makes only 360hp is a bit silly. Maybe the LFS tuning division used MASSIVE bores and tiny strokes...
Well, at least the TBO cars have realistic redlines. So do all the single seaters. The GTRs aren't far off considering what they are. The LX cars are also good, given that they make great power from such small engines. Last time I checked, my friend's Corolla Sportivo has a 8200rpm redline with a peak power of
191hp@7800rpm at the output shaft, though RL tests confirm the value to be around 180hp at similiar revs with all the accessory belt drives on. So the 9000rpm redline for a 190hp 1.8L engine is perfectly realistic. As for the RA, it's powerband values and rpms are copies of the real thing and thus, just fine. Just need to fix that absurd turbo model that requires even a less than 1bar boost turbo an eternity to spool up and the RA would be as great a drive as it should be.