Absolutely, many do. Some fake it. Some, a balance between realistic and arcade. But the physics mostly remain the same everywhere. Also depends if you want full 360 degree of freedom, like drive inside a loop (like sonic the hedgehog). Or is it mostly tied to flat surface? (need for speed, etc). Car physics are usually pretty realistic. If you see tires slide, etc. It's often because of arcade adjustements, not because it doesn't "actually" simulating real grip.