I've never seen that wheel - always just played with the menu screens you get on ships and SRVsIt's not actually the item wheel, I forget the name for it but it's a quick action type of wheel. The same one that lets you view transactions and the map and codex and comms and such on foot also has a call shuttle option.
I suggest binding it to something. It let's you pick between grenade types quickly, drop illegal cloned profiles and rapidly use a health pack or energy cell. It's quite handy. I use both wheels frequently.I've never seen that wheel - always just played with the menu screens you get on ships and SRVs