No, the comparatively high 0-60 time is mainly because of the tiny engine - 148 bhp and 236 torques (in freedom units), versus 605 bhp and 687 torques for the top-spec Model S. Also the tires on this thing would just make a lot of noise and smoke if you tried putting 600+ torques through them.

But putting it into perspective with some other great cars on the racetrack: the 2017 Honda Civic Type R is widely regarded as a bucket full of fun on a track, and would likely beat a Model S around the Nürburgring Nordschliefe even if the Model S didn't overheat; yet it "only" does 0-60 in 5.4 seconds.

And in general, 0-60 isn't useful at all on an actual race track because if you're spending time doing less than 60 mph, you're Doing It Wrong. Keep in mind the aerodynamics (spoilers, splitters, diffusers etc.) that make racecars actually work, only become effective once you're doing at least 80 mph, preferrably a lot more.

Take a look at Richard Hammond on the Top Gear episode where he gets to drive an actual F1 car to see what I mean. Mostly he spends his time not being able to go around corners because he's driving too slowly.

https://youtu.be/kUhB0JKjJrQ