Since the the parts on top and bottom are physically missing on an ultrawide you're technically seeing less.

Though, in ultrawide's defence, the game adapts the FoV to the height, giving you a wider view of things.
I think it's worth it. Even though we're in a 3D space having a wider view to the sides helps. Our necks prefers moving our heads to the sides more than up and down
The game does support ultrawide, with a few annoying exceptions. Overlays on the maps are out of alignment and it honestly feels like FDev isn't going to fix that, ever. If you can live with that then I think ultrawide is the better option.