You're technically correct. However while rotational mass has a larger effect on accelerations than static weight, the overall difference is so small as to be almost unnoticeable. Also that rotational energy is given back in some proportion further narrowing the actual difference.

you need to compare the difference of rotational mass against the whole system weight. Getting 500g off a 2500g tire and wheel combo may seem like a lot. However added or removed 500g in tire and rim compared against say, 90kg of total system mass is practically a difference of almost nothing. And it needs to be emphasized that the difference of rotational vs static mass is present only during acceleration.

Tires on the other hand can have a huge effect due to rolling resistance. But even then it's more important to use the correct pressure rather than using an expensive lightweight tire. Too low a pressure is almost always faster than too high so when in doubt, go low. Thankfully there are some good resources for finding the correct pressure (I use the silca calculator)