The tyVehicleSteeringWheel helper defines a steering wheel part, whose rotation reflects the vehicle’s current steering input - useful for driver-visible steering wheels inside a cabin/cockpit mesh. It has no effect on vehicle handling.
tyVehicleSteeringWheel helpers are created from a tyVehicleChassis helper’s “Create chassis part…” list, not from the Create panel.
Pressing the “transform” button will temporarily sever the parent/child relationship between the helper and its children (ex: meshes parented to it), allowing you to move/rotate/scale the helper without affecting its children. This allows you to do things like reposition the helper without moving its children with it. Depressing the “transform” button will restore the prior parent/child relationship.
The “fit…” menu has options which allow you to match the position/orientation/scale of the helper to its child meshes.
The “flip” button will flip the transform of the helper along its dominant axis, without affecting its children.