High ping by itself is not a problem as long as it is stabile.

I can say that because I often race with Aussie friends having about 350 ping.

My own experience said that upper safe value is about 370 as long as it stays there - no up, no down.

Much bigger problem is ping jumping up and down so it is reasonable to check, from time to time, your lower left corner of screen which shows quality of connection and ping.

We all want to have fun racing there, but spoiling someone else's fun with lag, not good. Not at all.