The quote reflects a moment of disillusionment as a favorite in a race disappoints supporters, highlighting the unpredictable nature of events. It indicates how people often get attached to winners, believing they'll triumph effortlessly. However, when these expectations unravel, it can be disheartening, akin to being caught in a mechanical failure.
The mention of the race as merely a formality illustrates a defeat of anticipation and joy, suggesting that sometimes cherished hopes may lead to unpleasant realities. Wodehouse captures the essence of this experience, where the celebration becomes overshadowed by unexpected outcomes, reminding readers that not everything goes as planned.