Wheel is a name for group 0, which is the same group used by the root user; user 0.
root is (was) a fully-privileged user.
(macOS nerfed root a while back. There are now a number of operations that a root login simply cannot perform.)
The root password, and membership in the wheel group, are very old ways to allow access to the su and related commands; to commands restricted to administrators.
Wheel is derived from BSD UNIX, and is not used all that much in this macOS era.
On macOS, su is accessible to the admin group, so wheel (and root) has largely been deprecated.
Apple has been working to remove the need for root, and default-disabled the root login some years ago.
Use of sudo or (on OpenBSD) doas are preferred to logging into the root user, and are also preferable to a su-created root shell.
Running as root is unnecessarily hazardous, and—when used as a shared login—less than fully accountable.
In short, what was commonly using the wheel group is now preferably using the admin group and sudo.
Related: https://www.openbsdhandbook.com/system_management/privileges/