Very true. However, one must also consider the mass efficiency of the engine design in overall dynamic compression ratio. In addition, the RPM where it is designed to operate most efficiently. A high performance engine can overcome the theoretical losses due to cam overlap with mass efficiency enhancements. It’s common to call this volumetric efficiency but I think mass efficiency describes it better. Air has mass and the system needs to be designed to overfill the cylinder under normally aspirated conditions. Intake pulse charging is one way to enhance “volumetric efficiency” and establish a dynamic ratio closer to the mathematic value derived from cylinder volume alone.
For the example of a race car, it is likely operating in a design range where the dynamic compression meets or even exceeds the static compression ratio…
I love the smell of partially burned high octane hydrocarbons in the morning