Short answer: No.
Long answer: Using the steering wheel feels like every car has no power-steering. The realism is lost when you're struggling with the wheel, trying to make a shitty turn at 30MPH and you can't just roll it calmy with one hand like you would in real life. Steering force needs to be adjusted for every 10 miles you gain in speed in these games.
Enthusia suffers from this too. When your car is still, you can spin the wheel as freely as you wish. But as soon as you touch the gas, even just a teeny bit, the wheel gets harsh again. Obviously since the wheel gets loose when the car is idle in Enthusia, this is something developers can control. It's too late to do it now, because all of the top-tier racers have been released/completed. So I'd say the steering wheel is rather worthless.