Yes, it it :)
When you enter in vaccum of another car you have some speed gain. And you can release this PowerUp with "S" key.
"do i just have to start exactly on the instant the lights go green" .. yes.. If you go before, your car will blink and you'll have 5s penalty in next boxes.
About Ferrari. It's not a feature... there are some randon functions that for some reason may be causing this.. or maybe it's just not a good season for them :)