I guess if you want to take the woke viewpoint and get upset on other people's behalf, then the event could be seen in that light, and it's true that the son of a senior Chonburi official races a 911 - but the Supercars are just one part of a 4 day event.
The 40 racing pick-up trucks, the 50 Eco-cars and the participants in the 4 hour saloon endurance race are not all 'the elite' ..... and nether are the hundreds of local spectators who can see cars and trucks that are the same as their own Brios, Vios and Revos racing on a unique street circuit.
The event drives business to the hotels, provides employment to the many people setting up the circuit as well as the security and the marshalls, and sponsors such as Toyota and B-Quick pay the beach concessionaires for the space they take up for their booths. There's also temporary bridges and special lanes to minimise impact to local residents when the roads are closed.
It's also free to watch!
On a wider point, I think the event helps to promote the country to a different audience than the TAT's obsession with Chinese and Indian tourists, and Thailand is also a car manufacturing country, so a 'mini-Monaco/free Le Mans is not a bad image for the country.
Plus, if you're overly stressed about the elite taking advantage of ordinary folk, then you're in the wrong country.