The EGR will work under many different circumstances. The short version: if the engine is not idling it's very possible for the EGR to be at least partly open.
The exhaust gases fed back into the intake dilute the intake charge and keep combustion chamber temps down. The second part of that is what helps with pinging. So if the EGR is not opening (vacuum system problem) or the passages from the exhaust to the valve or from the valve to the opening in the manifold are clogged with carbon it's very possible for the engine to ping.
I don't recall off the top of my head exactly how the P5's passages are laid out; on the 98-up Isuzu V6 the tube ran down the center of the intake and the tip was visible if you opened the throttle all the way and looked below the flap. This made it run somewhat on the cool side and the tip could get clogged pretty good inside of 40-50K miles. The 2.2 Holden motor used in some of the Amigos etc had a passage cast in the intake and then into the head, the part cast in the head ran right next to a coolant passage and could rapidly build up carbon too. The first time I saw that, the tech showed me the shiny sticky ball of carbon that came out and said 'Looks just like black tar heroin'.
I did not pursue that line of thought any further.