Can I say "race us" instead?
"Race you" in this case is used to express a statement and tell someone you are going to race them. If you replace this with "race us", you are instead telling them to race you instead of telling them you are going to race them. Although "race us" is also a statement, it is more like you are asking someone to race you. The overall meaning wouldn't really change if you replaced "race you" with "race us", however it is more common to use the form "race you" and tell someone else that you are going to race them.
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