I think the complexity/expense of your sim setup depends on whether your focus is sim racing, or IRL. OK budget too of course.
If sim racing is your focus, then a more elaborate rig makes sense, again within your budget… But if IRL racing is your focus, I think I’d try to apply the 80/20 rule… Where 20% of your investment nets you 80% of the results. For that I’d say a <$300 wheel is fine.
I think IRL racers take sim racing too “literally” and try to emulate every sense of real life that they can, when really the benefits for them lie outside of emulating the physical experience.