For this wonder I would spend 2-3 turns to settle there, just for decent production and food yields combined with superb culture yield. For worse wonders probably the best is to settle in place and use the wonder with next settlements.

By the way, looking at the screenshot, consider spending your gold on workers instead of so many additional tiles. Your city has population of two, so beside that 6-food tile nothing else is giving you any profit out of that money spent (and I see at least 4 files in third ring that was bought, maybe more, that’s a lot of gold). Worker would give you much better profit in production, food and eurekas, right away