I'm asking for clarification on this because im thinking about trying out this game speedrun wise. and im assuming full track for individual level runs means all 3 laps. and if so which mode would it be played in? extreme contest? practice? or am i misinterpreting something?

Great question, and not sure we have ever answered this yet. But our community is pretty active in discord and we'd be open to talking about it and hearing your ideas!

It would be in Single Player -> Practice.