are race fairings smaller then reg. fairings?

Answer 1

depends on the model. Some race fairings are a little smaller, but most are built to same size, so they bike can compete in production classes.

The main difference is weight. Race fairings are built to be lighter weight copies of the stock bits.

Answer 2

In general, yes. A race bike is all about speed, so the less air you displace the better. A regular bike, even a sport bike is about riding enjoyment. So the fairing will be a bit bigger to be more comfortable.