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Generally, that is indeed a risk. The more your seat is reclined and the higher the lap belt is positioned around your waist, the greater the risk.
You can buy a 6-point harness for the Corvette with two sub straps that you sit on and then connect to the main anchor points at the sides. It can be quickly swapped in or out for track days. That won't hold you down in the seat as nicely as a normal 5-point, but it will prevent submarining which is the bigger danger. Of course, you need some kind of harness bar for the shoulder straps.