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For sure. If you have the skill to do it, the fastest way around corners is between 100% and 105% of available traction--just the barest hint of wheel slip. Drifting is probably more like 140%. Very inefficient, even if it does look cool.
Ditto. Drifting has just been a showcase of controlling a vehicle that is "out of control". It looks pretty wicked if you can do a chain drift through a chicane but driving straight through is faster than chain drifting through it. The fastest way is using the maximum grip you have and the best line available for that particular corner (which depends on what the track looks like after said corner).