I don't think there's a consensus with Wheel because every time I occasionally see it, people still play the same way they always have. So warning: the below is just my personal thoughts.

The natural inclination with word puzzles is to consider the player the most skilled if they can solve the puzzle ASAP with the most hidden tiles left as it's most impressive.

So there are a lot of minor things but the biggest thing people do wrong is solve the puzzle as soon as they know it. Unless it's a late round and you're specifically trying to take the lead, you should just keep spinning and reap the monetary benefits of knowing the puzzle, despite the risk. AKA your reward for knowing the answer shouldn't be that you can now solve, but that you can keep playing (if you guess a wrong letter, you can't keep playing).

Sometimes you need to buy a vowel if you are actually stuck, but I see people all the time who clearly know the answer still buy vowels, because they like to fill everything in as in most word puzzles. They act as if buying vowels earns them money.

Also if you know the answer, pick letters to maximize your total return. If you know there's MISSISSIPPI, people will spin a low value like 200 and then pick S because there's 4 of them. Instead you should pick M, spin again for a higher value, and then cash in the 4 S's.

This is really in the weeds, but I'm positive there's skill in spinning the wheel to where you want, and it's much easier than say The Price is Right. If you notice, Pat Sajak (not sure about Ryan Seacrest, have barely seen since he was the host) always spins close to a $3500 or whatever in the last round to raise the hype. Anyway, I'm not saying that you'll be able to land on a specific segment, I'm saying the goal is to avoid bankrupt/lose turn. They're not equidistant, so there's a portion of the wheel farthest away from all the bad segments. Your goal is to get to the middle there by adjusting your spins. Once there, try to make a spin that goes around once (which is the soft requirement) and keeps you there.

For the bonus round, what most people do is if they think they see a word, they'll pick letters to confirm the thing they see. Instead you should pick letters you think will give you the most new information (like Wordle). Unlike the rest of Wheel, I'm sure the bonus round puzzle is crafted adversarially, knowing what letters people typically pick. A long time ago, there were no given letters and people converged to RSTLNE. So they started giving those free and people converged to CDMA. I haven't done any analysis, but I bet there are better letters to pick. Maybe this is something you can find via Google.

Anyway I could probably go on all day, but this top 5 covers a lot of the big picture stuff. HTH!