The point you make rings true for me. I always thought it would be fun to race with a wheel and pedals, rather than my controller. At $400+ it just never seemed worth it to me, because I still get by ok with my DS4. So, it's been a matter of value.
I recently saw a holiday special for the Logitech G29, marked down from $400 to $199. I finally convinced myself to go for it, because I know I've plateaued with the controller. The biggest thing for me is the pedals. I never got comfortable using the trigger buttons on the DS4 to modulate gas and brake inputs, so I've always used the X and Square buttons, which is pretty much the worst way you can do it. I'm also a pilot, so I understand the value of making smooth control inputs.
I realize there will be a learning curve, and I'm gonna suck at first, but since I've now spent the money, I'll have to spend a bunch of time working on it. My next day off is Thursday, so I'll set it up then, and find out what this wheel thing is all about.