While the game is on, yes, but do turn the wheel base off while changing the rim.
And then you'll have to change button assignments in the configuration screen.
Every time.
It's not possible to save different wheel configurations like it is on PC, where you simply load the proper configuration file.
It's a one-time set and forget situation for me, personally. I consider the ability to change settings a strength instead of a weakness - it's not something you have to fiddle with at all if you don't want to. On Playstation there are virtually no settings to change - just look at the PSVR2 users having to do peculiar and contortionist-like postures at race starts, simply to get a comfortable viewpoint in their VR goggles.
And to
@Pigems's point about excessive menu diving on PC, I've never played a game where it takes as many button clicks as in GT7 to change the simplest of settings, like what car you're hot-lapping (what is it, ten button clicks before you're back at the car selection screen on GT7?)