Of course they are. It lowers the centre of gravity to enable maximum corning speed and minimise body roll to keep the tyres as flat as possible on the track. They drive on totally smooth roads and the suspension is lowered properly by actually raising the sub-frame. If I were building a race car I would get it as low as I could by modifying the front sub-frame installation to maintain suspension geometry, I would fit plastic windows, strip out all the soundproofing and lower the C of G as much as possible. I would also fit a rear anti-roll bar and re-set the rear geometry to give zero toe-in to enable me to get back hard on the power as early in the corner without understeering. I would fit an LSD and a very low final drive to enable max revs to be pulled on the longest straight doing the final gearing with straight-cut drop gears.
I have driven many lowered race Minis on test over the years and on totally smooth surfaces the amount of suspension travel is not an issue.
But you wouldn't want to go out shopping in a race car, you wouldn't want to go racing in a rally car and you wouldn't want to go rallying in a shopping car. You could, however, go shopping in a rally car and I sometimes do.