Whenever players open the wheel menu, the time slows down (so you can have more time to explore it).
Now what’s really cool here is that all menu sections are configurable, meaning that you can alter the wheel menu to your liking. Modder ‘devpieron’ has released, in my opinion, a must-have mod for Fallout 4 that adds a wheel menu to fast use/equip your ingestibles (chems, food, etc), grenades, mines or anything you want.