This is a very complex thing!
To break it down as much as I possibly can, there are two main things to be fast around a track:
1. Shorter distance by taking a tighter line
2. Higher average speed
And now the complexity starts. What is faster? Super late apex with braking later (longer fast), taking a longer distance but having a higher speed on the next straight?
It depends. Is the following straight long enough to make up for the time lost due to the longer distance taken?
It depends on the car and on the track.
My example from above was about the mx-5 cup at Magione. Lots of twisty tight corners.
The most time for me was lost from the second hairpin until the end of the following straight.
I installed "camber extravaganza" and could clearly see that the mx-5 was lacking rear camber. The rear was sliding under full lateral load!
So I set this little car up to be super grippy in comparison. And it worked. I gained a lot of time!
Then Matteo did a lap and humiliated my lap time with the default setup. He was a lot slower with my grippier setup.
Comparing telemetry, you could see that he rotated the car at the apex a lot further than me. The rear slid around a little when he really turned in.
Then he went earlier on the throttle, again, drifting the rear.
The result was that he was so much earlier on the throttle, that his corner exit speed was higher than mine although he lost some acceleration due to the wheel spin.
In the end his line was shorter, the entry and mod corner speed the same but the exit quicker and the straight line speed higher.
And that's all because he drifted the corner with the default setup.
My "better" setup restricted the drifting. The maximum lateral G was better indeed, but the lap time simply wasn't.
Now that leads me to the following. Beware that's a very personal opinion I think:
For most track + car combinations there is one fastest line connected to the one and only perfect inputs to follow that line.
Step one is to find out that line for each specific car. Some call it talent, some call it computer analysis
Step two is to find out and nail the perfect inputs.
I often read about "driving style". And different styles leading to the same lap time but in a different way.
Honestly that's bull crap imo!
I'm pretty sure that when you would put all F1 drivers into the same car and overlay the input telemetry, the differences wouldn't be visible without zooming in like crazy.
I saw this myself when comparing telemetry with a few friends.
We all were the quickest through some corners so we created a theoretical best out of all our laps and tried to get there.
The closer we came and faster we got, the more the telemetry became exactly the same.
And this, and only this, is when the setup really starts to make a difference.
You have the perfect line and the perfect inputs. But it might be that the car just can't do it with the default setup.
It might also be that you simply can't drive the perfect line with perfect inputs with the default setup.
The problem is that you can't know if the line you take is the correct one, if the setup would be able to drive the correct one and what to change.
You either need to somehow become a lot better driver or you simply need an awesome driver to check out the combo for you so you can use his setup and line and try to replicate his inputs.
To go back to your question:
Yes, mostly a riskier setup is quicker. For me that's mostly down to the fact that you can steer less if you over rotate but you can't steer more when already understeering.
It's more difficult to drive though since a wrong input will spin you around.
If a really good driver who's already good at setups gives you his setup and you can't drive it.
You can be pretty sure that you need to become a better drive instead of changing the setup.
But no one wants to hear that he sucks
Being fast is extremely complicated, driving slow is extremely simple.
When wanting to become fast although your starting point is being pretty slow, you first need to get your thinking aligned with the complexity.
Or you can hope that your body and brain somehow wrap around the complexity by just driving more.
Depending on your personal starting point, it's hard work to become quicker or you have a good direction just like that.
For me it's more a matter of the starting point and the way to work than of raw talent.
It's easy to think that hard work and a good starting point would be talent!
The main problems are two things:
1. If you're isolated, how do you find a good way to work? So coaching might help a lot!
2. If your starting point isn't great, do you have the will and time to work harder than others?
I often see both. People want free coaching but there aren't enough good guys to do that in their free time. And at the same time even if they get free coaching, they don't really take it on.
Simracing is a hobby, mostly not a job. At some point it's not worth it to invest so much time and effort into it while at the same time the results are not satisfying either.
You can either get more efficient or less demanding.
For efficiency I linked Phil's base setups. He did it for each car and he is extremely fast and extremely good with setups.
It's a perfect example of a true benchmark.
Take the car of your choice and lap it around mugello with his setup until you're able to be fast and consistent with it.
This is how these cars should behave. If you find it too oversteery you need to learn how to control it.
If you find it too understeery, you're entering the corners too quick, overturn the steering wheel, trailbrake badly etc.
It's a good and efficient way to get better.
Maybe try the default setup every now and then to be able to see the differences.
After the you go back to acc or whatever and you'll be better
But back to the problems I mentioned above:
How many of us are willing to spend weeks at mugello, in AC, with Gt3s?
No idea. But it's the only thing I know where you have a 100% secured benchmark regarding lap time and setup.
Maybe Phil would be so kind to provide telemetry if we'd ask him
Yeah... I'm gonna stop now
But like you said, beginners are often bombarded with info but not necessarily good and correct info!
It's due to racing being so complex. Physics wise, concentration wise, human precision wise etc. It's difficult to find your own path between doing nothing else or become happy with what you can achieve with the effort you can give
As you can probably tell, I'm not super talented regarding my body or being efficient at finding the fastest line + inputs.
But I'm great at thinking about stuff, wrapping my head around it, finding my own way of effort and efficiency, and making notes about it.
I'm probably a better coach than driver