On my car (2015 Performance Package) I can turn traction all the way off. When I'm at the track, or logging in temperatures a bit warmer ~45 or higher, I turn it all the way off to keep it from cutting boost. Car still spins sometimes, but it doesn't pull power. But at temperatures cooler than that, especially below freezing, I leave it on since it is safer, and gives me a little extra safety if the car tries to kick out when I go WOT.
I think there was experimentation in the past for fully disabling traction control on the non PP cars, but I do not know where it stands.