Compared to the life time of the wheels your redressing yes it does. Single point diamond dressers will last nearly forever unless you bang them up, the diamond grit coated ones for bench/pedestal grinders tend to wear out quicker. But then again that is a bonding issue, as the bonding of the diamond grit to the steel components can very in quality.

Similar to Silicon Carbide wheels, they can do things Aluminum Oxide wheels cannot do easily, but their bonding materials tend to be weaker (intentionally to prevent loading), so they appear to last less time then the Aluminum Oxide wheels which tend to have bonding compounds that are not designed to break away the grit as easily.

Similar with brake pads, or tires, you will go through many more sets of of the rubber composites before you wear out the aluminum parts, even if the rubber is embedded with dirt/sand particles.

So no I am sorry my point still stands, your tire will wear out a lot quicker then your aluminum rivets, as will your brake pads will wear quicker then your aluminum rims. You will replace a lot more tires and brake pads then you'll ever have to replace the rivets or the rims.

In addition to that, due to the manufacturing of the tires and the fenders, your more then likely rubbing on more then just the rivet no matter how good of a installation you did.

Therefor, question becomes, if the tire is rubbing on a rivet, and large sections of the fender, the installer should either be fired, or not allowed to ride a bike again, as they clearly lack any ability to properly adjust and maintain a bicycle if they cannot check (or for that matter feel) a fender for rubbing after installation.

A rivet on a fender is much more likely to fail due to dynamic loadings on the bike itself (such as vibration) then it is due to a totally clueless installer/cyclist and the tire rubbing on it. No instead, since the introduction of riveting, things like mechanical fasteners, welding and adhesives have been slowly chipping away at the market for rivets, which are more prone to dynamic loading failures. Rivets tend to however, have the upper hand in thermodynamic loading resistance which is why they are preferred for ship building and planes (although with the latest generation of planes such as the Boeing 787 and Airbus 380, they are moving towards adhesives over rivets as well).

Jim