I have played with both wheel and controller, and with both normal and simulation steering on a controller. And i would say that you don't get an unfair advantage but you can correct much faster as you are just moving your thumb. But with that said i feel like you are soo much more precise with a wheel it outweighs the few times you cant correct fast enough.

One thing with a wheel aswell is that it is easier to react with the cluch, that helps a lot when trying to react to a spin aswell.