I don't use one of the newer generation HMDs, but I do use the Samsung Odyssey+, which was the finest of the first gen WMR HMDs by a country mile. Visually, it has the same FOV and resolution as the vastly more expensive Vive Pro, and the inside out tracking is great for simming. You might be able to get a used Odyssey+ for pretty cheap, and it is for sure a huge improvement over the Rift CV1 (I've owned O+, Rift CV1, and used Vive Pro, so speaking from experience). I would say that it's actually harder to go back from something like the Odyssey+ to the Rift than it would be to go from Rift to pancake, it's that big of an improvement.
DBond, I always found the precision in controlling cars using a monitor to be a result of trial and error; you'd know that, if you were on a certain part of the track at a certain speed and the edge of a trackside object hit the edge of your screen, you'd know when you'd have to do some of that driving stuff. I find that falls apart a little when you are slower or faster, or off your usual line. For VR, you have no edge of screen to assist, but you have the ol' parallax thing with your eyes, so you can estimate distances about as well as you can in real life. You can also look at the apex or anywhere else you'd like, which is a big plus. I find that, so long as you know the car you are driving, learning tracks is far easier, and that you should be able to adjust to new situations a little better.
Bearing in mind that I am not one of those pro-level sim racers, I find that I am noticeably faster with VR. My improvement is probably better than most people's would be, but it's been real enough. The improvement in immersion has been huge.
Finally, if you do flight simming, VR is awesome for that as well. Some people say that it is a disadvantage for MP, but that is not a problem for me, as I'd rather lick a slug's back than play MP again with 99.9% of the people I have met online. And once again, the improvement in immersion is huge. I remember the first time I did a head-on pass against a Me-109 in IL2, as the Luftwaffe pilot fired and my canopy began to shatter, I actually ducked behind the panel, it was that vivid an experience.