Just a bit! If you did that in real life, you'd probably blow your engine before the end of the race. You want 7th to be maxing out right at the end of the longest straight - if it's screaming its head off like that, you've set it up wrong.
Joystick without assists is a nightmare. With wheel it make more sense I think. With assists you have to drive also careful and without assists it is like your drive on a ice surface
About setups what I found here on this website I try that on many circuits and it change nothing for me, with the game settings I drive the better times always.