Yes, but the effect is rather small, because the rotating mass is small compared to the combined mass of bike and rider. Also, a typical trick is to go to a sm

Yes, but the effect is rather small, because the rotating mass is small compared to the combined mass of bike and rider. Also, a typical trick is to go to a smaller diameter wheel and a larger tire, so that the handling and moment of inertia are similar. For example, I’ve got two rim brake wheels, one 700c 16 spoke aero front wheel with a 23mm tire on it, and one 26” 36 spoke tandem/mtb front wheel with a 44mm tire, and the difference in weight is 200g. (1200 vs 1400) Even on the road bike, that’s only a 0.4% difference. (Not that they’re compatible wheels, it’s just the only decent comparison I have on hand)