Does the "snow" position just do the same as "traction control on" as used in most cars?

 

No, snow mode will either reduce the throttle response effectively making the car deliver less torque at initial throttle input, or it will disable the use of first gear from a launch, with the same resulting reduction of torque at initial throttle.

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Sadly, what it cannot do is make your PSS5s any grippier in sub-zero conditions.