Reverse engineering of Wipeout

[Cipher]

when you're nearing the bottom plane of the collision (read not side walls) you probably want to apply an upwards force relative to the distance between bottom collision plane and ship, if this is managed in the hover effect, you just want to increase the hover strength relative to the distance of the floor, that's how i see it anyway

Airtime & hovering you probably want to have a relation between height between track and ship as well, meaning the hover effect disengages when a certain height is achieved (saves performance too ^^), gravity is too high in both your previews i think (better in the first one, but even there, probably still too high, you could fly really far without pitch on that jump after the big drop)
Airbrakes; i think you have correctly implemented them, just need to add ship rotation to it to make it more convincible

Cipher