The are timed but not exactly races.
That would depend on who you are talking to and where you are looking in the field.
I like the motto for Graham Fraser’s Centurion races/events, “Racers race and riders ride” - that sums it up nicely. At or near the front, the more serious and larger gran fondo events, including Centurion, have the look and feel of a Pro/Senior/ 1-2 or top level masters road race. However, further back, it’s going to have more the feel of a mass participatory ride. There might be micro “racing” within a group, but these folks are clearly not racing for the win.
The general public and those new to road cycling, may not understand the nuanced ruthless detail that in *real *bike road racing, you are either in the main front group, or you are not and your day is “done”! But that’s not to say that elsewhere, in a field, there is micro “racing” going.
As others have pointed out, gran fondo has become a bit of a catch-all. Now even events that don’t have timing, are really truly participatory( not that there is anything wrong with this) and/or purely about fund-raising are calling themselves “gran fondos”, which I think is a stretch.
When I think Gran Fondo, I am thinking of an event with 500 or more entries, that at the front has the look and feel, of a serious bike race while to the middle and back of the whole field people are just out for a good long hard and challenging ride.
It’s been interesting who the bigger gran fondo style events who has been attracted to these. In some jurisdictions, licensed riders, have been told they will be sanctioned somehow if they race in gran fondo events, as some of the gran fondos, have not been sanctioned by the local cycling governing body. It’s meant that some Cat 1/2 racers have stayed away, while Cat. Masters riders have come out in force.
I was in on some of the early discussions and planning for Centurion. Because of Graham Fraser’s back-ground in triathlon, there was a thought that triathletes, would be a large group that would be interested in doing these events. Made sense. They cycle a lot. If you look at the tenor of discussions on forums like this one, 80% of the talk is about bikes and cycling. Indeed, triathletes, as a group seem to be really into cycling. Yet, few triathletes sign up for gran fondo events. Still not sure why, although I have my own ideas about this.
Despite all the above, gran fondos have been a great point of entry into road cycling for many people. Women, in particular have really been interested in getting involved. It’s all headed in a good direction. More people on bikes on the roads( hopefully respectfully sharing the roads), is always a good thing.