It definitely took some effort to get the feedback setup, but once set properly (for me), that "stepping out" sensation is most definitely there. I am currently racing the Ruf RGT-8 GT3 in our league with my trusty old G27. I can feel the back end twitch quite well if I downshift too quickly for example. Also under throttle application, if I am just a bit to hard on it, I can feel the car's back end wanting to pull sideways.
Now with that said, you do have much better wheel hardware than I do, so it should be there for you as well. The only thing I can think of that would be different that might impact it (
and I do NOT mean this in a negative way) is that (I assume) you are on PS4 whereas I am on PC. I know there were differences between pad users on the 2 platforms, so perhaps those same differences carried over to the wheels?
Anyways, I don't want this to become an argument. I just wanted ot voice a small amount of support for SMS, since there is so much negativity around the FFB model, when I personally feel it is one of the best out there. But yes, we ALL agree that it needs to be more intuitive to setup. Sometimes giving too many options is a bad thing