Decided to give it another try after making some adjustments to the in-game steering wheel setting. Boy it made a day and night difference. Big thank you to FACR for making the following video:
https://youtu.be/WjavObmR4Uc
If you play with wheels but have not touched the settings yet, I highly recommend watching this video and make adjustments. It made the car so much more drivable, and a lot more intuitive to save the car when using simulation steering.
There is certainly still a lot of room for improvement. But I'm quite happy with the progress.
Sim racing setup:
Obutto Revolution cockpit
Fanatec CSL Elite wheelbase with Clubsport GT Alcantara wheel
Fanatec CSL Elite pedals LC Load Cell