Incorrect.


What you want to remove/reduce/minimize is the moment of inertia. Ever see a figure skater spin up by pulling the arms in?



https://en.wikipedia.org/wiki/Moment_of_inertia



Notice that little "d" in there? THAT IS THE DISTANCE FROM THE AXIS. Moving the mass closer to the axis does in fact reduce its moment of inertia.

A 650gm wheel with disc brakes and 350gm hoop a lighter hoop is in fact "lighter" in terms of moment of inertia than a 600gm wheel with rim brakes and a 450gm hoop.