Traction control and ABS use the wheel speed sensors for input. Traction control will not work if the ABS light is on.
ABS is a brake system ADD ON. The base hydraulic brake system will still work with the ABS light on.
The auto 4X4 may not work, I am guessing it uses wheel speed input to determine if the wheel are slipping or not. But I am not familiar with the ford auto 4X4......
I don't recommend taking out the fuse, the ABS light and maybe the red brake light will be on. The red brake light tells you if there is a problem in the hydraulic brake system...not a warning light you want not working properly.
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6+ years Automotive technician
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