This is also very noticeable in cycling wheels and tires. When I upgraded my 2009 road bike (aluminum rims with rim brakes) to a new 2022 bike (carbon rims with disc brakes), the tire/wheel weights were very similar but the performance difference was very noticeable as a significant amount of the weight was moved from the rims (which needed to be strong and heat resistant for the brake pads) to the discs that were much closer to the axle.I’d have to say most everything you’ve stated is correct. The tire’s weight is a huge contributor to rotational mass. This primarily affects acceleration & deceleration. The wheel and tire’s linear travel on a single axis.
The other aspect of vehicle dynamics around suspension and steering is unsprung mass. Basically everything from your tire touching the ground all the way to your suspension pick up points on the frame. Steering response, steering effort, bound, and rebound of your suspension, among other things. Essentially the other two axis of a three dimensional equation.
In these two axis, static weight of the entire assembly is paramount. Your wheels, once you’re at speed, are now large gyroscopes. The lower the overall unsprung mass and rotational mass, the less effort is required to change the direction (up / down / left / right) of the gyroscopes. This is where you realize the weight savings of lighter wheels, wheel offset, lighter wheel hardware, and also overall diameter coming into play.
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