I love scientists and engineers. The never have a handle on the big picture (and by that I mean wholistically, not 'Big Bang Theory'. 🙄😉
Okay, here's my simple unspeakable truths as I know and understand them. I say 'unspeakable' because people don't want to hear them because they think spending money on light parts will make them faster and bring them eternal life. It won't. It's all a [censored] and we know it. But hey, I like new shiny parts and so does the next guy.
1) The inefficient, unaerodynamic, completely stupid part of the bike+rider equation, is the rider.
2) The choice of one piece of equipment over another - even for the most elite athlete in the world - makes no difference as to if they win or lose. Miss a leadout by 0.01 second? You loose. Bad night's sleep? You loose. Stub your toe at the start line? You lose.
3) Despite this, any improvement in the rider is exponentially worth more than any change in the bike. The bike is only circa 5% of the rider+bike mass equation, and it's much easier to lose 1% off you than it is the bike. Put that donut down and go ride.
4) The faster you go, the more important aerodynamics is. Unfortunately the aerodynamic part of the bike+rider equation has a massive brick hanging on the top of it known as 'the rider', making any changes to bike aerodynamics small.
5) The slower you go, the more it's simply an equation of total weight vs gravity. The lighter the better. Doesn't really matter where that weight is. See "3)".
6) Never EVER underestimate psychology. There's a reason most Pros are certifiable, paranoid schitzophrenics with an 'ego problem'. It helps them win. If they have wheels that are 500g lighter than their competitors, that's worth the mental advantage ALONE.
7) Whenever you argue something like actual benefits of changing or 'improving' some aspect of a bike frame, you are, most of the time, arguing about fractions of a percent. Yeah, that's pretty dumb, but hey, what else are you supposed to fill your evenings with?
8) Even though you are talking about a fraction of a percent, when you are on the bleeding edge, all those fractions of a percent add up. Alone they're pretty meaningless.
So, in conclusion your honour, I summise that it's all important but to minute degrees, and that yes the OP will notice that 500g off the total equation. Even if that equates to a 1% improvement, I suggest that the mental as well as physical benefits - not to mention it keeps some of us in a job - makes it well worth it.
Okay scientists, you may carry on with your equation posturing and one-upmanship. 😎