The teams use less than $50 million on engines yearly. The remainder of the budget is spend on the cars chassis, aero, suspension ect. That cost would not go away with a switch to an electric power train.
Q: Are chassis/aero/suspension innovations relevant to ICE cars? If so, would they still be relevant to EVs given that EVs have different constraints (e.g. EVs have a different weight distribution to ICE cars, as batteries are heavy and non-moving, whereas (SPECULATION) fuel tanks have fuel sloshing around inside like a bathtub)?
Formula 1 chasses are way different to standard car chasses so presumably yes, but it really seems like an assumption to be careful about.
Disclaimer: The following is my own speculation, and not to be taken as hard facts! I don't think it's the technology in the cars that are relevant, as much as the tooling around developing the car is. For instance advances in CFD simulations will help in developing cars, ICE and EV. In any case, road relevance is an odd reason to do racing, as rarely do anything directly trickle down to the road car division.
Formula 1 chasses are way different to standard car chasses so presumably yes, but it really seems like an assumption to be careful about.