If this were true, F1 cars would be alot faster and more powerful (remember the turbo era of the 1980s?). F1 is about using the most advanced engineering and technology to meet the limitations of the "Formula". the "1" is just that its the formula that allows for the fastest cars, but its still limiting by its nature. The details of that formula is not important, so F1 could go electric.
Having said that, the long history of F1, its connection with the evolution of IC engines and people not liking their sports screwed with, I suspect Formula E will separate.