I haven’t used a wheel in 7, but I did in 6 and Sport occasionally - let me say, the haptic feedback and adaptive triggers present a depth of feedback that allows you to feel multiple dynamics of the car, from locking brakes, to a loss of traction through the right trigger.
I’m not saying it’s as good as a wheel, I think it’s different. They communicate differently, but you can get a really good feel for the car on the controller.
I’d say the one thing you are lacking is resistance on the stick, but it simply wouldn’t work, there’s not enough range of motion, and 1:1 steering would be really difficult to control.
The feedback for understeer and oversteer is likely different, too, but it is still felt through the controller. It’s more detailed than previous games’ feedback, by virtue of the DualSense having haptic feedback, but even without it, you can still visually notice the dynamics of the car, and tell if something’s unrealistic.