I just looked at what the car says when I put it in "dry performance" mode (push the checkered flag), with default settings. It says "Stabilization Control: Sport. Warning! Reduced Stability".
This is the same as pushing the ESP button (car with squiggly track in center console) once in a normal drive mode. It is not the same as pushing and holding down the ESP button, thus completely disabling ESP.
My question can be simplified: does the ESP system use dynamic steering in the R8 to counter-steer to prevent a slide in "sport" mode?
I suspect the answer is yes, and that is what I experienced.
I suspect in ESP "off" mode, it will not.
My guesses are based on the fact my Gen 1 R8 would similarly do ESP actions in "sport" mode on the track, in that case only braking and cutting power, but would not do these actions when ESP was off.