You're correct on this. Look through the lens on his glasses, and you can see what he actually sees. It appears to be a single screen setup in front of him. It explains why he doesn't turn his head when cars are close to his right, or why he didn't look into any of the turns he encountered. If he actually seen what the final video showed, his head would have turned as things happened.
Also the monitor he was using was most likely fixed to the motion rig he was on, so the motion effects to him were probably correct. It just comes across as odd, when you see him and the seat moving, but the projected wheel is locked in place behind his Accuforce wheel.
The video as we see it is a product of cleaver editing, perspective and, ample amounts of green screen. If someone were to create a projected image similar to what is depicted, I feel this would be just as immersive as VR. In some ways it would be better because; the player (for lack of a better term) wouldn't need to seclude him self from the outside world. And he wouldn't get the "screen door" effect.
That would be broken with a motion rig and a fixed image. Just as LeMansAide explained.