Pretty sure it’s not. I saw something on this topic a few weeks ago but can’t quite remember. Iirc, it was a term in an early early OS, where a bit in memory was the privilege but and could be set or unset by turning a real wheel on the computer. This Stück with some people developing UNIX, so they called the wheel group wheel, but none of them are sure who came up with this.

Of course, this is just hearsay.