I suppose this is a kind of physics question, but I've been wondering about it, and I'm no physicist, not by a long shot.
Take two wheel sizes - significantly different but not dramatically, such as 584mm ("650b") and 559mm (26"). Now put a narrow profile tire on the bigger wheel and a wide one (or at least "tall" when viewed from the side) on the smaller one, so that the diameter of the wheels+tires ends up the same or very close. Let's say we pump both tires up to max. pressure so they're pretty rigid; not much distortion where the rubber meets the road.
Will these two wheels now have similar behavior, in terms of acceleration, rolling momentum, etc? That is, have we ended up with the same "effective wheel diameter", or is the rim diameter the sole determinant of those characteristics which are said to be effected by wheel size?
I suppose we should leave rolling weight out of the equation: let's say they end up being the same weight due to rim and tire choices.
I always puzzle over these things but lack the brains and math to figure them out.