There's also a huge list of rules about things you're not allowed to do to make your car faster. F1 is quite far from simply building the fastest car, it's building the fastest car that adheres to this long list of 'arbitrary' rules and regulations.

It's never been the same without the cigarette & booze sponsors.

Cost caps are about how you can cheat. You still develop and test everything you want in the lab. Those that turn out useful get told to the F1 team.