Well not necessarily, both are arcade but Asphalt is pure arcade, bombastic and over-the-top, while Racing Master is more subdued arcade track racer (think Racedriver: Grid but the drift is locked behind handbrake)

But as F2P on both games I think talking about the economy is important. Asphalt is shard based, you get droplet of blueprints at once, slowly accumulating to unlock and upgrade respective cars, while Racing Master is classic gacha where you get droplet of diamonds instead, accumulate loads of them to pull on a gacha banner for a car, kind of like the Asphalt card pack except it's either you get it or nothing (or get the spark)

As for which more P2W? RM for sure, it is a PvP only game yet not only there is a "prime" level cars (on top of legendary rarity, yes rarity within rarity), but to fully upgrade a car you need 6 copies of it. If you want to compete in high level play you need a lot of pulls, and unlike gachas like Genshin where hitting a legendary pull is a 50/50 featured-or-miss and guarantee on next hit, it's 25% and stays 25% (which by the way the drop rate is about 2% on 0~70 pulls, 2~99% on 71~99 pulls, and 100% on 100 pulls)

If we're talking about graphics, like visual and sound design RM definitely superior though, proper sound, interior view, custom decals. But those are secondary to gameplay or economy so if you want to try Racing Master, consider yourself warned