I found I have less spacial awareness of other cars using VR than I did with a monitor (in Assetto Corsa.) The mirrors don't change when you move and there is no look behind button in VR. Also some of the cars have mirrors in awkward places where you cannot see someone coming up either side without turning your head to see the mirror. In some cars you can't see behind you at all. With a monitor I would see almost immediately if a buddy has crashed or slowed behind but in VR it can take me quite a while to notice and crane my head around whilst in a corner to be sure they aren't anywhere behind me so I can slow down and wait for them. You can see around tight corners much better in VR but I think a look behind/side to side button or virtual mirror gives you more spacial awareness of others than a HMD. Yes you can see to your side but that is often a last second warning and look left/right buttons work just the same, if you can easily see behind you then you see the whole story and have much more idea what is going on IMO.
In my opinion people get distracted with info on screen because they're not focused enough, when i'm in an intense battle, trying to beat my best time or qualifying for an event i can't see anything except the track... i look at those info's with the blink of an eye, really don't get why they "distract" people...
I race on triples, but I don't use a HUD, I do however use an old phone running EKSIMRacing Virtual Dashboard which displays my vitals such as speed, RPM, gear and maybe lap time and position like a what I assume a "real" race car would use. It seems to do the job nicely unless the game doesn't support it then I just do what I can with that particular game.
Out of interest why do you class speed reading as vital? What does it give you?