Are people buying the token of the one they want to win? Or that they think will win? That could be two different options.
Yes :)
Look at today's update: https://peakd.com/trumpbiden/@nealmcspadden/trump-biden-game-meta-for-2020-08-20-trump-ahead-2-73-to-1
and you'll see that I fully expect real-life odds to arb current-game-odds.
It's going to be an interesting couple of months.