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Does it cause hits and/or have to stop when it comes close to units when fleeing or does it flee like a normal unit? (Bouncing through friendlies and causing no hits, just a panic test)

The FAQ holds the answers you seek:

“The Doomwheel has the Random Movement special rule,
with the following exceptions.
• If the move takes it into a friendly unit, the creature will
inflict D6+1 S6 Hits, distributed in the same manner as
shooting attacks, and then stop 1" away from the unit (or flee
through it if it is fleeing).”
• The Doomwheel treats terrain in the same manner as a
Chariot.”
Note that the ‘Loss of Control’ rule remains unchanged.