It seems "all" of the DLC is on the card.

Last year, ahead of the release of the Mario Kart 8 Deluxe 'Wave 6' DLC, Nintendo published a physical bundle in select parts of the world featuring the Booster Course Pass (including Waves 1-5 and a free Wave 6 download).

Now, in an update, it's apparently released a physical edition with "all" of the DLC on the game cartridge. As highlighted by NintendoSoup, a new physical edition in Southeast Asia features updated Switch packaging, noting how "this special bundle comes with Wave 1-6 DLC".

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