Yes absolutely tragic. I was watching the race live and it was clear immediately that there would be some very serious injuries or worse in the incident.
However, "Another One Gone" paints a somewhat false picture. The FIA Formula 1,2 and 3 series have a very good safety record(considering the speeds and the type of racing that is involved). Since 1994, when Roland Ratzenberger and Ayrton Senna were killed in the F1 gathering in Imola, just three drivers, including today's casualty, have lost their lives. Henry Surtees was killed in 2009 in a F2 (or GP2 as it then was) race when he was struck by a wheel that had come off another car and subsequently launched into the air. Jules Bianchi was killed in the Japanese Grand Prix in 2014 when his car collided with a recovery vehicle that was rescuing a crashed car. Both these tragedies led to significant safety improvements (Surtess's death led to the development of the "Halo" protection device and Bianchi's to the Virtual Safety Car).
It is true that many deaths take place in motor sport world wide but they are mainly in less well regulated events.