Previously if my character had empty hands, I could hold Y and quick draw the item at 12 o'clock on my quick wheel.

This no longer works. Holding Y with empty hands does nothing. It's a wasted action slot at this point.

Please give us quick draw back. Having to stand still to draw my weapon is not only dangerous, but it kills my immersion.

It also strongly encourages always having your weapon out. Leading to fewer interactions.