I don't know that "immersion" is the word I would use to describe the issues. But semantics aside, the equipment stats and benefits not transferring to your wild shape are RAW. According to 5e your equipment can either drop to the ground, stay on the animal if it makes sense that the animal could wear it, or merge with the new form. If it merges with the new form, the equipped item has no effect until you leave the form. Obviously Larian has gone with the third option and it makes sense. If you went with the first option you would have to redo your whole inventory every time you used wild shape. The second option would be complicated to visualise and does not make sense for most of the beast forms available - how would a bear wear a pair of boots? Perhaps the amulet slot could arguably still hang around the neck of some of the wild shapes. But the third option seemed the most straightforward approach for the computer game to work, and then it is RAW that you don't get any benefits from your equipped items any more.
Class features however should definitely transfer over according to RAW. So if you have action surge, uncanny dodge, extra attacks, portent or any other features given by your multiclass, they should apply when in wild shape as well.
I don't think Wild Shape is mechanically terrible as it is. The extra hit points pool you receive through a single bonus action is quite substantial. But it's basically what it does, because I am rarely able to maintain wild shape for more than one turn, so it provides a way of soaking up a lot of the damage received so I am still standing the next time my turn comes around. It would be more fun if you could also combine class features with the wild shape in new and interesting ways.
