I don't want to be a downer, but I don't get "arcade" racing games at all. It's not about "realism", it's about the depth of the gameplay. It's so much more involved, and thus satisfying, to pull a fast lap out of iracing or lmu or whatever, than it is to just hold the gas in mariokart and just whip around. I'd never get a wheel to play like uhh, the arcade forza from a few years back? But gran turismo or even the simcade forza would be worth it, if you enjoyed them.
But yea, if you're looking to just play some arcade racing, it's not worth the wheel. They aren't cheap exactly. Nothing is these days.
But for sims...
Until you feel a direct drive wheel, you have no idea how fun it is and how impressive things are nowadays in the simworld.
I have a quest 3, a full steel frame with a leather seat from some hyundai that I got from the autowrecker, a 11 NM DD wheel and loadcell brakes, and it's still mind boggling to me that whenever I feel like it, I can go race cars. They might not get each car exactly right, and you have to rely a bit more on visual cues and the steering wheel than an IRL racer would since they can feel in their body when the car slips, but all the simracers who also race IRL say that the big sims more or less get it right, albeit with their own little metas to getting the best times.
Now with that said, lots of people spend lots of money building a rig assuming they are gonna love it, and then it just collects dust.
I started off with the generic logitech belt and gear wheel, the G29? for like 300 bucks, attached to my desk - I was curious, and didn't know if I'd enjoy it or not. After a few months, as I started to be able to get within like 7-8 seconds of pace, I knew I liked it enough to get better stuff. And switching from a 3NM belt wheel to a 11 NM direct drive one is one of the biggest hardware upgrades I've ever had, it was just night and day, like switching from a 1060 to a 4090.
Racing sims are a pretty unique experience, honestly, you get to experience a lot of what a real racer does. The nervousness at the start, the elation of finishing in the top 5 or 6 of a 30 car grid, the relief of surviving the race. I love that feeling, being in like 2nd, with 2 laps left, with the first place guy a few turns ahead, and the 3rd place guy a few turns behind, so you just get to enjoy those last few laps as a couple of victory laps. Or the raretime you get to win (I'm only ~2000 irating, I'm bad, but just high enough that there's always a couple of people with real pace per race) or even rarer, you disappear off into the horizon as the endboss of the race, never to be seen again.