Not the Sonic CD manual, right? Because that certainly doesn't confirm it if that's the case.
Just implies it allows him to reach 'turbo speeds' which allows him to zoom off in a burst of speed. Notes that it's also an 'awesome' way to zip uphill from a standing start (As that's what instant acceleration would work well for)
Aside from Sonic CD, I don't really recall any other instances of the Super Peel Out specifically. From what I've seen, it's always depicted as a method of fast acceleration (As in allows him to reach top/high speeds fast from a standstill) or simply when he starts to near top speeds.