For a first effort, this does deserve some applause but there's lots of potential to make it better.
Pros - The model is on point.
V10 sound
Different skins
Refreshing flowing aesthetic as opposed to the sharpness of the other F1 mods as of recent
Cons - The V10 sound is the same as the Ferrari F2004; not a big con but still could be better.
Skins - While there's plenty to go round, its literally a change of colour with the back end behind the bull (looks familiar, F1 fans?) on the side. They're not the worst but they could been made entirely different. To be fair though, the Super GP, another fictional single seater, now has many F1 and Indy skins, and some could emerge for this car as well.
The wheel display - It's got what you need, but it's a little roughly finished and makes the wheel almost like the one from the 2018 Renault F1 car. Gear number is a little oversized in comparison to other stats in my opinion. Shift lights are good though, and I like the 2000's F1 vibe with it.
Physics - Not bad, but not realistic either (yes already in description, yes, it's a fictional car, I know). Yet how it's able to take the Indianapolis Oval corners flat out when all other cars can't is beyond me (possibly in a good way).
In conclusion, the Formula Rapide seems like a good start all around. Keep working on mine and others feedback and over time, this could become an incredible alternative to the Super GP mod.