The data is all licenced from official providers, however there can occasionally - albeit rarely - be errors.
In particular historic data before 2008 has more inaccuracies than after, so with that query you should also add in the meeting_date and the course as a sanity check.
Further, most work with race times involves removing outliers (even when the outliers are accurately reported), so that data point (see below, 1760 = 61.01 secs?) should be removed.
As a rule of thumb, 12 seconds per furlong is the max speed a horse can achieve, which will get progressively slower the longer the distance.
Of course, there are many other factors to consider, not least class of race (or ability of the runners), pace in race, going and course features (eg bends, undulations).