At least it looks a lot like the same! Unfortunately, CD-i developer ISG Productions did not get any official license to use the real teams of the F1 teams on the cover, and it was not possible to use any cigarette advertising either, but the car and the helmet gives away the inspiration: This was the Marlboro team starring Ayrton Senna, here pictured together. It would have been more cool if they would have the official license, but as with Striker Pro and other sports games on CD-i, other developers already obtained the license and made exclusive games on different formats.
Did you know that Video Speedway was called 'Video' Speedway because the developers wanted to make a difference with this racing game by adding integrated video sequences? This little extra was easy for ISG as they used to be no games developer, but they developed video codecs and emulators for use on CD-i systems. Adding video to this racing game was an extra touch that gave away their original developing roots as well as making the game a bit more unique.