I've noticed that you need to have arms visible at all times in Project Cars 2. If you remove them, the rim goes too.. This is particularly annoying when dealing with cars that has H-Pattern shifters. Because usually you have your physical arms elsewhere than where the virtual ones are in these types of cars. It also makes it more difficult to decide where to put my hands on the rim in given situations.
H-Pattern type of cars I prefer to have the rim visible only, but with F1 and GT3 types of cars I can live with arms visible.
Your vote: Rim only, at all times