Of course, but we're talking about street cars that don't have anywhere near enough power to start running into those issues. No doubt that technique, tire selection/pressure, temperature/barometric pressure, and track surface will come into play, but they're still essentially power limited. Cars with serious power are traction limited in that they struggle to put down all of what they have available. The cars we're talking about here can use all of what they have after the first few feet....wide open throttle with no spinning. Give them more power, and they'll have a faster ET.
Well-said, GMAN. Also, good calculator link above. Note to everyone: torque is NOT part of the ET equation.
As to the question, "can you ever have too much power"?: I think that not only is it possible you have too much
power when you can't keep the front wheels down, you may also have too much when you can't get
traction in normal driving. Most cars and M/Cs don't have that problem, so the quest for more power goes on.
Case in point: in the days of bias ply tires (remember them?), I used to drive around a lot with a friend who
arguably had too much power. He drove a mildly modified 69 Mustang 428CJ, and prob had 500hp. If the
pavement was wet, it was very hard to drive it at all, as the rear tires could not get traction and feathering
the throttle was hard. Manual tranny, of course.
To the OP: yes, many current cars are "over-powered", but with traction control and few manual trannies,
these issues are not quite the danger they may have been in the past. In our days of 300hp Camrys,
people should have the choice to buy all the power they want. Even if they never use it.
Despite how heavy cars are these days, we are probably in the golden age of hp.