So, I did some time trials using only the main paths vs always using the shortcut and I managed to do shortcut laps that are as fast as the regular path. Then I played some more races with AIs and items and yes, you can use the shortcut and still be competitive, even though it's a lot harder than the regular path. And that's probably what a shortcut should be like: hard to take and about as fast as the regular path.
So, I must conclude that the shortcut balance is actually just fine on this track and I'm hereby dropping my original request
This is an insanely fast track with a lot of tricky turns and it's really challenging and fun. Great job, sridharkumar!