It makes very little difference. Thimel's 1/4 mile run of 11.73 (P85DL) was 115.30 MPH at the 1330 mark. Averaged over the last 66 feet, it was 114.67 MPH.
That's a 0.63 MPH difference 121 MPH is not remotely achievable under either standard unless you have a strong tail wind or have a ringer.
The trap speed measurement starts 66ft from the end of the track and ends at the finish line.
The time between tripping that first beam and the last in that 66ft box, is used to arrive at the trap speed.
Since you bring up Thimmel's time, I think it a good idea to bring up the 11.1516 time as well.
That pass was made at 116.710 mph.
In case you need the link again, it is here.
2016 Tesla Model S P90DL 1/4 Mile Drag Racing
The gentleman who made it, was just .1517 seconds away from the highest possible 10.9.
No way it would have required enough additional power to produce another 6 mph of trap speed in order for him to get that .1517 seconds of ET he needed to break into the 10.9s.
There is no proof that there were any "ringers". That gentleman matched the "average" ET of the two Car and Driver times.
The figures which you are taking for "trap speeds" or "exit speeds" in the C&D and Motor Trend results, are clearly not drag strip trap speeds.
Based on that run, 122.7 mph trap speeds, indeed nothing near that, will be required to run that 10.9 spec in this car.
One final thing. You made reference to Edmunds earlier.
This was Car and Driver and Motor Trend.
Edmunds has made it known, I believe, that they do not test their cars the same way as some of the others.
In fact, I seem to recall that they are very vocal against the use of rollout in determining 0-60 times.
Consumer Reports and Edmunds Clock Tesla P85D 0-60 in 3.5, Not 3.1 Seconds - HybridCars.com
"So we publish the average speed over the final 66 feet of the quarter-mile run,
even though our VBOX can tell us the instantaneous speed at the end of the 1,320-foot course, which is usually faster"
Not only does Motor Trend use rollout, but from that 122.7 mph figure, it's obvious that they are also using the speed attained at the end of of a 1320 ft sprint as opposed to a trap speed.