It really comes down to budget. I would recommend going with the PC route as you can work your way into something like Iracing if you wish to do so competitive racing. Though this also is a budgeted item as it will cost a lot more than a PS4 to run something even like project cars at what I considered good graphics. Project Cars is pretty demanding on the hardware.
On the PC side tho, you have endless expandability. fanatec is where most people start for sim gear, its ok quality and easy to setup.
Here is a picture of my setup when I first started.
and a small video from my IG
https://www.instagram.com/p/BzIfiMSn..._web_copy_link