Hi Kartik,
Honestly I got a little bored with v 3.1 beta as I wouldn't get any mech failures and my engine would get light orange at best, with my gearbox staying pristine. That was with Toro Rosso at Silverstone in career, and I was having the same results running a few single race runs at Hockenheimring.
So... I switched back to v. 2.0 for my Hockenheimring career race and truly had a handful! 3 KERS failures, a short one in the 1st 10 laps, another 10-lap one in the middle of the race, and a last one on the last lap! Got annoying but sure helped to spice things up!
Gearbox went light orange but engine steadily reddened as I went on, and I started getting smoke about 10 laps before finish. Still, it didn't seem to hamper my performance as I got where I wanted to get in that race!
I don't know what you'll make out of this report... It seems quite complicated and really dependent on the driver's style. But all the same, thanks, and keep it on!
P.S.: Using a wheel, all assists off.