Well no you are not required to do a lap if you can cross the IAF and follow the initial track without manouevering. The reacetrack is a reversal procedure and not required if aleady on track.
Edited to add that I used the term "reversal" too glibly. There are reversal procedures and there are racetracks.
Also this is what ICAO says:
Note.— Racetrack procedures are used where sufficient distance is not available in a straight segment to accommodate the required loss of altitude and when entry into a reversal procedure is not practical. They may also be specified as alternatives to reversal procedures to increase operational lexibility (in this case, they are not necessarily published separately).
So, strictly speaking, your example not their intended use.
Anyway, I thought the answer was obvious, but ICAO does not specify, I presume assuming the above quote. So strictly speaking you should do a lap! But that defies common sense when clearly a 30º cone entry is safe for a reversal procedure, it must be safe for a racetrack too (again, assuming the altitude criteria are met).