GM designed and approved the C7 with track use in mind right from the start. There are a number of references to using the car under track conditions in the Owner's Manual and the preparations necessary to do so. One specific example is that Mobil 1 15W-50 oil must be used when tracking the car but must be changed back to 5W-30 for street use. This applied to MY's 2014 to 2018. When the 2019 MY was released, it was factory filled with Mobil 1 ESP 0W-40 and GM's indication was that this oil could be used in all C7's for both street and track use. Other things like the Stage III aero package, launch control and the included add-on front brake cooling ducts (GS and Z06) clearly indicate GM's intention for using the C7 on the track.
Here's an excerpt from a response to a question posed to Tadge Juechter, Chief Engineer for Cadillac XLR and Chevrolet Corvette, regarding the use of the two viscosities of oil for track use and its effect on the factory warranty:
"GM Propulsion Systems has validated all Corvette engines to operate with the DEXOS 5W30 for all but the most extreme track conditions. We recommend the use of Mobil 1 15W50 when the vehicle is going to be used for high temperature track operation as the higher viscosity range provides a greater degree of protection under the extreme stresses of that duty cycle. We like the extra lube performance in those conditions because, unlike some other manufacturers, driving on the track does not automatically void the warranty. However, daily driving use of the Mobil 1 15W50 on the street has not been validated, and as such we do not recommend its use where the operating temperatures can run lower. Some contributors to the thread correctly point out that few Corvette drivers operate their vehicles at extremely low temperatures, but as the manufacturer, we have to protect for that possibility. Another issue is that the 15w50 oil has higher phosphorous and ash content than we specify for factory fill. That is ok for track usage, but in long term street usage, those chemicals can compromise catalyst performance. As the manufacturer, we are expected to meet EPA emissions for a very long time. Lastly, the higher viscosity will also result in a small loss of fuel efficiency.
As for the Mobil 1 0W40, it was not available when we validated these engines and, in its currently available formulation, it also contains more phosphorous and ash than we specify. So, even if we validated the 0W40 for track use, we would still have to recommend reverting to a DEXOS 5W30 for daily street use.
Like all aspects of the auto industry, lubricants continue to improve over time. We work with Mobil and others to elevate the performance of their products and hence ours. We will continue to do that and when we have a better oil to ship in our engines or recommend for use on the track, we will do so."
These statements clearly indicate GM's approval of track use for the C7 and the fact that doing so does not "automatically" invalidate the warranty. Please note that the above was written prior to GM approving Mobil 1 ESP 0W-40 for both street and track use, not that it matters in this case.
What I take from this is that the OP's car can be tracked, drag or road racing, and the factory warranty should be honored as long as the factory service schedule was followed. Engine oil should not be a factor in this case, but transmission and differential fluids may be. Invoices / receipts may also be required in order to prove that the necessary servicing was done but, other than that, I see no reason why GM should deny warranty coverage of a driveline failure while the factory Powertrain Warranty is in effect.
Best regards
Ross