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Some parts are made up of other parts.
Wheelsets are a good example, there are hubs, rims, spokes, spoke nipples.
Digging deeper, there is rim tape, tubeless valve stems, sealant, bearings, freehubs, quick releases, axles, and bolts.
A wheelset could have reference field for front and back wheel, which could have references to the subcomponents.
What are the considerations for content entry?
Here is a whelset, with front and rear wheels, in the parts list. There are variations for wheelset, front, and rear wheels. The wheels have references to the wheelset variation and the wheelset part.
Maybe the wheelset is not needed as a variation, just a part?