So a quick glance at Amazon, I didn't find the GS700, but I did find the GS750, which I suppose would be the next model up.
According to the amazon page, the key features of this wheel include:
And, the real selling point of this product:
I'm sorry, but this thing looks like a piece of junk. It doesn't have force feedback, which is kind of the point of having a racing wheel. Force feedback allows you to actually feel what the car is doing on the road.
You probably could use this and get it to work, but it will likely be disappointing and won't work the way you expect it to.
A good starter wheel would be something like a Logitech G29 or a Thrustmaster T150 both of which are compatible with the PS5 and GT7.