Drifting is to Racing, in Motor-Sports, What High-Jump is to 100 meter sprint in Athletics.
It is a display or exhibition of Grace and Agility portrayed by an individual competitor, against other competitors, while performing a certain physical act, which could be performed by others, more clumsily,given the means, thus displaying an intricate knowledge of physical processes, including the extent of his/her own abilities instead of mere brute force of man or machine. which is the prerogative in simple speed races.
Thus in events such as these, there is prerogative requirement of brains, as well normal physical ability.
So while both Racing and Drifting can be labeled competitions, both have different criteria to assessment of excellence, where in one it is speed, while in the other it is the spectacle.
Hence Drifting, though inadvertently being labeled a Race, is done so in err, as it does not meet the basics of a Race, in terms of what we have come to understand the meaning of the word today.