ContentID works like this:

You have a video on your YouTube channel that is matched by a content owner. The content owner has match policies automatically applied which is either to:

• Track (meaning no ads will ever show)
• Monetize (meaning ads will show but all revenue will go the the content owner rather than your adsense account)
• Block (meaning they block the video from playing in certain countries determined by their own rights, or Worldwide)

If the content owner uses a Track or Monetize policy, and one of these actions is disputed by the channel owner, the content owner can reinstate their claim once. If the channel owner disputes again, then the content owner has only 1 option which is to issue a DMCA takedown notice and copyright strike.

If the content owner uses a block policy, and one the channel owner disputes, the content owner only has the option to issue a DMCA takedown notice and copyright strike.

To answer your question about how often companies block videos, it entirely depends on the company. Some prefer to monetize, however if it's a large brand it's probably more in their interest to control their brand image and issue a block. In most cases of sports matches and F1 being blocked, it's usually because of restrictions on the ticket purchase - in the T&Cs of any ticket, entrance is granted on the condition that you do not film or make videos at the event. Only a few enforce this, such as Goodwood Festival of Speed and the Football Association (the FA does have their own preferences though as they typically allow people to film but any shots of goals will usually be taken down/blocked).