Is it OK if the traction control on a 95 Buick Riviera engage when backing up or making a left turn?

it turns your traction control system on or off. if you have the system on the tires will slow automatically if they begin to slip and when you get traction again the tires will engage fully, when it is off you press the gas pedal and the tires will spin freely without slowing to get traction. if you are a drifter you want trac off

In general, if you see this light come on while driving a car with traction control, it means that the system has detected a loss of traction on one or more wheels. The traction control system will engage to correct it. Usually it only lights up briefly. If that light stays on all the time, there's something wrong with the sensor or the electrical connection to the light.

you may be losing traction. or u may have a sensor going out

ASR is like just as the same as traction control on American cars, if one of the wheels lose traction on the road and spin more than the others the ASR will engage and electronically apply the brakes on that wheel, if it happens on 2 wheels it will apply the brakes to both wheels and slow the engine down.

When you engage the clutch and the engine sits there spinning: it get's no traction OR when there is no pressure on the clutch pedal: pressing it changes nothing.