Well, it takes a while.
As this video from Shmee150 illustrates, once you press the active button (to engage the active dynamics panel), then select race mode, then press and hold the race mode button to clear the off-road-use-only alert, things start happening.
The rear wing climbs from its nook at the rear of the car to a height of 300 mm, the suspension begins pumping fluid through the hydraulic suspension as it lowers itself 50 mm, and all of the electronics start re-jiggering their controls of the throttle, transmission, and traction control.
In total, it takes a few ticks shy of 30 seconds to activate once you've completed the button-pressing sequence. Sadly, it's all a bit anti-climactic, as Shmee just leaves it idling in the alleyway rather than taking it out for a flame-spitting spin around Yas Marina.