The clipping is intentional, im more than sure of it. Can an Aston martin GT car realistically drive a coastal mountian pass? No, the splitter would be knackered if not ripped off immediately. Do we want to race an Aston GT car on a coastal mountain pass, almost certainl yes! So compromise has to be made.
They can't expect all players to tweak the cars to raise the ride height and change other settings to make it drivable on such a road. What we're seeing is compromise.
The fact that the cars are clipping on collision is aparent even in the demo. They kind of bounce in and out of each other rather than unrealistically hit a brick wall off each other. They can't afford a realistic deforming damage model for hardware/creative limitation but what actually happens physics wise is a little more realistic.
It isn't perfect and a small point in the grand scheme of things, but console gaming is always about compromise these days. You either have great looking 10 min games are slightly lower quality gameplay orientated games.
Yes, I do have my fanboi glasses on, yes I am really looking forward to this game and yes, I like men.