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It really depends upon which model/option package you have. As noted with MSRC the ride will be quite harsh along with tire and wheel damage from road defects becoming more likely. If you have the electronically controlled LSD it has different control parameters in track mode and the traction control has a higher trigger threshold.
In general, you can more easily get into trouble with the car in track mode if you make a poor choice of throttle and steering input. I have a Z06 and have unlinked several parameters from drive mode with the display and steering set for sport and the exhaust set to track regardless of driver mode. I alternate the driver mode between the tour and sport positions which most noticeably varies the ride and throttle progression with my car (2016 Z06 with A8). The chart in the manual ( page 196 in the 2016 manual) provides a concise summary of the changes between modes.
Not the best choice for stop and go traffic, especially M7. Thank the trans programming expects you to be back in the throttle after shifting...bucks a bit if you are not.