As said, it won't compensate for it at the end of the fastest straights, where as you say, gearing and otherwise drag will control the speed, but everywhere else... this is a back of the envelope calculation from 2010 when the talk was of ride height adjustment during pit stops:
Hollus (in 2010) wrote:I think that the two fastest teams have no ride height control in their cars out of the ordinary, all that they have is more donwforce than the opposition.
My first point, the 160Kg of fuel are irrelevant when the car is stationary. I don't want my car to be fast while stationary (ta-da!), but in the corners and when braking. It is the ride height in the corners and while braking that is important.
Now I'll put forward some very rough numbers. Feel free to change them, they are not particualrly accurate, but I hope they are in the right ballpark:
A typical empty tank lap is something like 4Km and lasts something like 80sec. Average speed is 4000/80=50m/s or 180Km/h.
A full fuel lap is 5 seconds slower, now 85 seconds, resulting in 47.06m/s and 169.4Km/h.
I'll assume that at 180Km/h downforce is 1200Kg. Admitedly, just a ballpark. This speed is representative of many corners and braking areas, but not all.
Downforce does, in a first approximation, vary with the square of the speed. 169.4Km/h is 0.941*180; squared, downforce at 169.4Km/h is now 88.6% of the downforce at 180Km/h or 1063Kg.
Hence, at the beginning of the race, the vertical force (minus car and driver) pushing the car down is 1063Kg downforce + 160Kg fuel= 1223Kg.
At the end of the race or in qualifying, it is 2Kg of fuel (to make it back to the pits) + 1200Kg of downforce = 1202Kg.
I only get 21Kg of difference, not so dramatic.
If the downforce is a tad higher, the numbers would cancel out and your car handles beautifully the same at all fuel loads. With less downforce, the difference gets larger and one has a ride height issue, which surely contributes to reducing downforce even more.
Of course all of that is a crude approximation, and some corners are taken with much more speed, ejem, downforce! than others. Also, the average corner is surely slower thanthe average lap. My point is that current F1 cars must be close to a situation where fuel weight is not an issue, and maybe that the fastest teams simply have one problem less to deal with. Then the effect of carryng fuel around is only extra inertia, and not variations in ride height.
Rivals, not enemies.