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The display on the Tesla web site only shows sport and ludicrous. They should really keep insane mode as a medium option. For no other reason (and it's a biggie) that it looks cool on the screen, especially if it said all three.
Agreed that the driver is in full control and can limit the acceleration very easily when desired. It's more for the comic effect and maybe to terrorize your passengers a little. A comment from several first time passengers on P85D acceleration videos is, "It actually says Insane Mode!"