Drag racing still sucks. Qualifying doesn't exist. AWD swaps are still available for some cars, many of which shouldn't have it.
As for online races, it is still much like it was in F3. You can set up lobbies, and set specific rules and force certain aids on/off, but getting good races is still hard. The first corner demo-derby is still very hard to miss. If you get a good group of friends, though, setting up specific vehicle/class/event races is easy, and very fun.
I honestly don't concern myself with those things on drag racing... I just have fun playing it with my friends.