Would like to take back my input on wall bouncing.
From what I see, wall bouncing is actually not bad, it doesnt stop you too much neither throw you opposite of the track by itself.
Some collisions still rotate me 90° nose in opposite wall and what causing it is steering input during the collision.

For example, I am in the middle of the left hand turn, I am turning left and heavy ships drifts to the outside and touches right hand wall.
If I am still turning left during contact with the wall, ship will rotate much more violently in the direction I am turning.
If I let go of controls or turn in direction of the wall during contact, ship will stay on course after the bump.

Technically this can be beneficial, if you cant make a tight corner and hit the wall, this additional turning force will turn your ship harder and you wont stuck on this wall.
However, if this happens in a shallow corner, this additional force will be too much and will bounce you to the opposite wall.