Experienced this weekend (at Iberanime here in Lisbon) the cockpit view with VR on a wheel in GT Sport and that was one hell of an experience. It still doesn't beat bumper/bonnet view to get the right braking points and apexes but it's a hell of a lot better than cockpit view in normal mode (no VR) which is certainly the worst.
I use the chase cam and feel more comfortable with it, I like to see the car I drive and have been this way since the younger days. In terms of speed I'm just as fast in bonnet view. Don't like bumper view... just feels weird not knowing how wide your car is but your view of the road is clearly the best.
If it didn't cost an arm and a leg to get a propper wheel (G29 quality bare minimum) + driving seat and wheel/pedals stand-off + VR headset, I would go with this option 100%. The immersion is simply on another level. 200€ and I would get this right now, but this isn't fantasy-land, as it stands, about 600€ wouldn't be enough, more than the console and the game itself combined, and I play other games too, not just GT7 so it's really not a buy I can get into unless it's extremely cheap.