Race tape is usually found on oval cars such as NASCAR. By using race tape, the nose of the car can act somewhat as a wing by increasing the amount of bodywork hit by air on the front of the car. This is at the expense of air going through the grill and cooling the engine and brake components.
By exchanging tape for cooling, the car gets an increase in front down force which helps everywhere on the track.
While this sounds like a good deal, it is dependent on a few things. For example if it’s a really hot day, your engine is going to need that air to keep making max power, too how and it will lose power and over heat.