100% of my road rash has been on my arms so far, cycling.
I've lost 2cm off a leg and ended up with pins above and below the knee in a motorcycle accident.
Body hair has never been an issue for any of my injuries.
I think leg-shaving is just next-level stuff for the hyper-vain subset in almost all cases. if you need to shave your legs to win a race, and can prove that it helped - awesome. would it help as much if you stripped the paint off the bike for weight savings? If so I'm guessing most leg shavers would never do that because, aesthetics.