Unfortunately, yes.
The AI in most ISI powered games, such as the ones from SimBin, seem to suffer from this same problem, with GTR2 being no exception. Cars are super fast in qualifying, but mostly ultra conservative during the race (sometimes faster for a while or even making mistakes, all at random). It's more or less noticed depending on track and AI settings.
To minimize the problem seen during qualify, do not use "fast forward time" (never use the time acceleration during qualify) as that introduces the well known bug of the absurd AI laptimes. Which means, wait your time and let the qualify session finish. Go make a coffee or something if wishing to pass time instead of doing laps during qualify session. Then the AI qualify laptimes will be within the "reasonable".
Experiences and opinions vary but it has been considered to be better using the AI strenght as high as possible for yourself (to make them competitive for race) with agression set at medium to high levels (i.e, to avoid many DNFs in longer races avoid the most agressive setting).
There are mods that atempt to improve the AI, but are not recommended for a GTR2 installation used for online (multiplayer) racing, as they change important game files which will create problems when entering public servers (i.e, mismatch filter will detect and consider them as cheat files).
But if you're interested mostly in offline (single player), or willing to make a separate installation of GTR2 for the mods experiment, then I suggest the
AI Mod v1 by VonDutch, or the GTR2 HQ AI found in the
GTR2 HQ mods collection by GTR233. There's also the
GTR2 reborn mod but this one changes a whole lot more.
I have very little experience with these so cannot say how good they really are, but there has been positive feedback by those who used these mods.