How exactly Precision Drive works?

Coming from F1 22, this is by far the best change to me as a pad player. I know this form of input processing is not novel but I think F1 24's implementation is better than some other games. It seems to do a lot for you but you always feel you truly are in control rather than being hand-held.

Can the developers give us insight to how this system works. For my own curiosity but also perhaps can help us with the controller settings as well which I think is a bit hit-and-miss since they don't directly correspond to in-game input.