My current setup consists of a Oculus Quest 1 running wireless using Virtual Desktop via it's own 5GHz Wi-fi channel from my PC (i9 10850K, 2080Ti, 64GB RAM, 2TB nVME, etc). I've got a Fanatec CSL Elite PS4 Edition wheel base with the P1 leather/Alcantara wheel. Pedals are a set of CSL Elite pedals with the Load Cell. Paid $700 for all the Fanatec stuff plus a GT Omega stand back in October locally and it was all a month old, receipt was from September 2020, yeah, score. All of this is then loaded on to a DOF Reality H3 Motion Platform with motion dampeners. Have the SRS Shake Kit as well. Using some old Acura seat. Bought it locally used like 2 months ago for $1,500. Couldn't believe my luck with this stuff.
Don't use anything for flying except for a wireless controller but even then it's pretty awesome in VR and motion, Flight Simulator is AMAZING...my GOD the graphics are sickeningly gorgeous.
I have 4 different wheel setups and 2 flying.
I have a fully portable setup using a steelseries srw-s1 wheel, which is pretty cool in that it uses sensors to detect steering rotation and has hand brake/throttle, meaning you don't have to mount it to anything and just hold it in your hands and steer. It's far more accurate than I expected and works decently well. It's small enough it fits in my VR tote with my quest 2, and coupled with my Asus g14 makes a fully portable setup that you can take anywhere. Good enough to have fun in VR, can be had nib for about $50 on ebay and far better than keyboard or joystick.
I have another srw-s1 that broke (my fault) that I repaired and mounted to an old logitech g25 using an adapter, so basically a littler larger setup but has full force feedback and just needs a solild surface (table/desk) to mount to and an outlet. Uses the hand throttle/brake on the srw-s1. You could actually do some serious racing with this one in a pinch but takes up a little more room.
Then I have a logitech g29 wheel and pedals set with a playseat. Folds up and is fairly portable in that it'll fit in the trunk of a car, gives the full experience, this is the setup my kids play on or is backup.
My main setup is an accuforce pro v2 direct drive with f1s steering wheel, thrustmaster t3pa-pro pedals with ricmotech load cell brake and a g29 h-pattern shifter. No plans to upgrade anything on this, works great and reliable. I run a Samsung Odyssey+ headset with a home built cockpit made out of 2x4's and a minivan seat.
Seems like a lot, but I've had my logitech g25 for like 15 years, and got the g29 about 5 years ago, then the accuforce 2 years ago. I run mostly endurance races, so the stuff gets worked pretty hard. The most abuse was a 4 hour stint at the nurburgring (don't recommend). I can tell you that honestly I'm just as fast with the g25 and old pedals as the fancy stuff. It's more fun and immersive, maybe a little more consistent, but doesn't make a big difference in terms of speed or anything - just more fun.
For flying I have an old Thrustmaster t-flight hotas and rudder pedals. But I mostly just use my xbox 360 game pad (also fits in my VR tote so I have portable driving and flying) as I'm not as into the flying as driving.