A McLaren F1 (which is NOT a formula 1 car and is street legal) does 0-60 in 3.2 seconds.
An actual 'Formula 1' car does 0-60 in about 1.9 seconds, which is about half the time it takes for this electric car.
This electric car has a range of 22 kilometers. The local racetrack is 4 km around the short course, so your done for the day in 5 laps.
EVE is indeed the competition car for the Formula Student Electric.
One tradeoff to manage is cost. They started with an ex-ICE chassis.
On the other hand wheel hub motors considerably increase the wheel mass and add the 'problem' to reliably distribute power via the suspension.
It is really an amazing work of the students. But in my opinion the electric racing cars are technologically a little bit too close to the cars of the "Formula Student" with a conventional combustion engine. What about two or even four wheel hub motors, for example?