I doubt it, as the suspension light would come on if the actuators or the little gear on top of the shock are broken. The system "self tests" each time you start the car, and if it does not initialize correctly it will set off the suspension light indicating a problem. The difference between the two settings is almost impossible to detect at speeds below 40 mph to my butt. Over 40 and on a winding or road with a few dips, and surely you can tell as the suspension definitely gets more "floaty" or "loose" to me. I can also tell just cruising down the freeway at 70 and flick the switch back and forth and notice it floats more over expansion joints and such. I just wish it had an even stiffer setting as I think the car could use a bit more compression and rebound damping than what is provided.
I recently drove a 1999 355F1 Spider and noticed immediately how hard stiff (or sporty ) the ride was when flipping the switch to "sport." I mean, the ride was so firm I could feel a quarter on the road if I had run one over. And that's not a bad thing in my opinion. I think the difference was much more pronounced than in my 1995 car.
The '98 cars with manual gear boxes are different than the F1 cars. On my '98 the light on is definately comfort mode, confirmed by the owner's manual and driving impressions.
This IS getting strange. My 1998 with a 6-speed manual is the exact opposite of the F1. What was Ferrari thinking?
FYI, I normally drive mine in the COMFORT mode as the ride is MUCH more pleasant. If you decide to drive in a more spirited manner, you really don't need to switch it back to SPORT. Under WOT conditions, and more aggressive driving as sensed by other systems (such as an on-track situation), the shocks default to the SPORT setting, even if its in COMFORT mode. I also usually drive with the parking lights and FOGLIGHTS illuminated as an alternative to Daytime Running Lights. In spite of driving a bright red Ferrari, other drivers do have problems seeing it. The downside of using it with both of these illuminated is that it MELTS the indicator sockets on the back of the IP. Just had to replace them and had some trouble getting them out. Typical Ferrari engineering...great on the engine, crappy on the electrical bits.