Using a different material is in effect irrelevant, they still get maximum grip from maximizing contact area because of how rough roads are. Ultra narrow tries need higher internal pressures, which limits how much the deform and thus reduces grip.

Also, F1 cars are going up to 246 mph and doing heavy acceleration and breaking throughout the races, which seriously heats up the tires. Normal road tires would actually die sooner under those conditions. Just read up on who long tires last when people are doing street racing, burnouts, etc.