"But if you want to do anything regarding the design of the car or race engineering then unless you already have experience in Formula 1."
Formula 1 is largely the exception to the rule (the upper echelons of Le Mans, WRCish etc notwithstanding). Outside of F1, teams run race cars, they don't design them. Any positions that require degree qualified engineers working directly for a race team are few and far between.
If F1 is your aim that's fine. A degree is invaluable. However, few of the engineers make it onto the race team and generally end up taking a job at the factory and that is an engineering job like any other. As RobF1 said, you have to like engineering first and foremost.
Dave
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