Kind of a semantics issue.... traction control is meant to limit wheel spin by limiting application of too much power, which shouldn't have much to do with lofting the front wheel. If you don't spin the back, it shouldn't cut in and spoil the fun.
It can of course go much deeper than that, depending on how intrusive the ECU can be, and what sensors it has access to. ABS measures wheel rotation on both front and back wheels, and keeps them within a logical rate of rotation to each other..... one slowing down faster than the other is probably skidding. Reduce braking on that wheel until the speed of rotation matches the one that isn't.
Add in an inertial measurement unit (IMU) that can tell how far over the bike is tipped (side to side or front to back) and you get corner ABS, and that wheelie control -- the sidewall of the tire has a different amount of traction available and the speed at which the wheel spins changes -- refined data to eke out that little bit more available traction.
Not so much of an issue on a 600 compared to a liter bike, it's not exactly common to have the front come off the ground exiting a corner in a power slide.....