The wheel has the sequential stick, as well as F1 paddles.
I believe the amount you need to turn the wheel to negotiate a turn will vary from car to car. I'd say you wont use the full lock vary often. Just like a real car, when you hit a track you rarely turn the wheel more than 180 degrees either way. If you spin and need to do a U-turn, or need to correct a slide, then you'll be needing some more of that lock