While France is the big favorite in its game vs Australia, there is no such thing as free money and thinking that is a 100% winning bet. Surprises always happen at world cups and not saying that Australia will win, but always be cautious also.
Yes, the problem is to find the balance between "sure bet" and "high odds". Similar situation we had many times with F1.
Now, we may take for example England (1.26) - Iran (12.04). And 4.55 for draw. I do not think 1.2 is worth risk.
Football is much different compared to F1 as F1 has many more unknown factors,for example a Safety Car can change anything in a race while a red card in a game not always translates in such happenings,also the weather change is a big risk in any F1 race as it can change the fate of the race while in football the weather does not play any role.Also the F1 is an individual sport and if that individual (the driver) is in a bad day he can make mistakes while in football there are 11 players and if one of them is not in full form it can be replaced.
Based on this betting on England to win on Iran at 1.26 is much but much safer than for example to bet on the favorite on F1 to win the race.This is an objective observation as I am an avid fan of F1 and I like it more than soccer but it is more difficult to win in F1 than in soccer because of the above reasons.