I remember back in mid-90s BTCC, cars have those dish covers at the back wheels only. Those were actually there to keep the brake temp high. Don't know if they're still there... is the BTCC still running anyways?
So it was an effort to eliminate the temperature difference between the front & rear brakes. Anyhow I'm *quite* sure GT cars are fast enough to keep the rear brakes toasty... so I'll take the drag reduction explanation for the Porsche.
Also, the '94 (6-cyl) BMW M5 came with 17" wheels and those (evil of all evils!) wheel covers as standard. The owner has the option to keep them on, which makes the tires look like tall whitewalls (eek!) or take them off.