I think this problem is a bug since I bought the game in June 2002.
When I started a championship season with no selected drivers, I've got the TV Mode activated in Melbourne, it works fine. In Sepang, the camera e. g. T-Cam, the camera stays at the selected car.
If I had restarted GP4, then the TV Mode works in the first race, but when you drive the next races whitout restarding, the same problem again.
I found out, that in DTM Mod 2005 and in GPGMG 2008 F1 Mod in the first 3 laps the TV Mode not work but then it works - strange.