This is the Sega Saturn port, which apparently was written from scratch because they weren’t given the source code. It looks great and has a decent selection of cars and tracks. The handling is pretty meh.
What Wikipedia says:
Virtua Racing is regarded as one of the most influential video games of all time, for laying the foundations for subsequent 3D racing games and for popularizing 3D polygon graphics among a wider audience. It was later ported to home consoles, starting with the Mega Drive/Genesis in 1994.