I think the sense of speed is realistic. On racing circuits, you don't have many reference points close to the track. Driving fast actually doesn't feel that fast until you encounter slower cars, or decide to hit the brakes. Then you feel it. I'm not sure if the real driving simulator should be exaggerating the sense of speed through FOV trickery, or by creating unrealistic circuit designs. That's all my opinion.
I think if you compare videos of GT around the Nordshlief, and GT car footage from there, you'll see that the sense of speed is actually fairly accurate. I will note that the last time I looked was a long time ago, so I hope my memory is not failing me there.