Yes, it doesn't work real. But you can spin your car sometimes when you do that in corners.
Even with SQ it is normal to use clutch and throttle blip for downshifts in real life (formula bmw, radical, caterham hayabusa, gt1 cars, v8 supercars, ...).
There is this line in car's hdc file:
[DRIVELINE]
SemiAutomatic=0 // whether throttle and clutch are operated automatically
0=manual, 1=automatic ???
I'm planing to modify it for some cars. If I changed that for formula bmw, I could get upshifts with lifting of the throttle pedal and H&T for downshifting which is real. I'd like to try it if it works and if it is usable in race 07.