So you dare not answer the question: "What would you consider the clause
"...taking part in a publicly sanctioned race on a route..." to mean?
Supervising the race or taking part in it?".
Well, we never thought you would.
And on your attempted swerve, you are, of course, s per usual, quite wrong.
That's because even a low-speed prang can prove fatal for a cyclist,
whereas due to the many safety improvements to cars and vans over the
past few decades, low-speed accidents rarely injure a car occupant. In
fact, even crashes on the motorway frequently don't cause very much
injury (unless a lorry driver is involved).