Don't confuse my 34" with a 16:9 34"!
My monitor has the same height as a standard 27".
That's not a good argument though, as the rule would be to use lower fov on a smaller monitor
Just use whatever feels good for you.
When I go higher than 60, I get motion sick from the distortion, when I go below 40, I get headache from not seeing enough and the things I'm focusing on moving by too quickly.
Most games use something similar to a portrait lense, which is basically "see as much as possible but just below visible distortion".
Our brain can adapt very well to some distortion, when it gets enough informations alongside.
Lower fov = less distortion but less information
Higher fov = more distortion and more information
For each person there are upper and lower limits depending on what they're used to.
That said, I had an oculus rift for a couple of months and it was very nice to see "the tracks and cars in the real dimensions without distortion".
In some corners I was like "oooohhh so there is the apex, that's why it feels like a super mega late apex line on my monitor"
Bathurst's mountain section in acc: that was insane! The road felt 4x as wide but it was 10x as scary at the same time