This warp works by first putting yourself in a glitched state with the wheel item using the disc shrine, flute warping to the fast-travel room to use the fish head portal, then unloading the room to the right that the wheel is in (it follows you through the portal but keeps its relative position). Rooms that are immediately adjacent to you are kept loaded, but are unloaded when you travel further, allowing the wheel to enter freefall.
From there in the upper room, in exactly 10 seconds from when you enter this room, the wheel will wrap from the bottom of the map, and reach the vertical position of the cheaters ring room. Use a bit of movement with the right timing to manipulate the wheel's horizontal position to the left (it still tracks your movement in freefall), and at exactly 10 seconds, press both the quick-swap to the wheel item, and the item menu button at the same time, using the in-game timer to help time you (if you're on a late-game save, quick-swap to the item immediately before wheel before this). The menu input is partially to circumvent a water collision check on the way through the warp, so you don't get sent immediately back. Before closing the menu, swap off the wheel item to disable it and its large collision hitbox, and if you got it right, you'll snap into the room with the cheaters ring.
The cheaters ring is a normally inaccessible item that allows you to freely no-clip by pressing F or pressing in the right-stick. Exercise caution while using it, as there's a few traps that can poison your save if you're not careful. Refer to this Steam guide for more information: steamcommunity.com/sharedfiles/filedetails/?id=3247368711