A racing steering wheel accomplishes the same task that a standard steering wheel accomplishes, but has added features to benefit the race car driver. Most are more lightweight than stock wheels, giving a weight savings. Some have pre-wired buttons for nitrous oxide systems, transmission lock systems, and electronic shifting systems, among other accoutrements and performance products. Additionally, most racing steering wheels are slightly flatter, giving you more adjustability with seat placement. Also, when coupled with a racing collapsible steering column, a racing steering wheel is designed to cushion the impact of your chest with the steering column if you’re involved in an accident.
For more info, see How to Modify Cars for Drifting