Yes. If one weighs only 100 lb then, under these circumstances, a 10 lb weigh difference translates into a 10% speed or time difference.
That's me, more or less. My perspective from the low end of the weight and power spectrum is that bike weight affects my ability to accelerate and climb more than anything else, it doesn't make much of a difference in cruising speed on the level. In fact, on rolling terrain a heavy bike is almost as fast as a light one for me because the weight helps me attain higher downhill speed. I notice extra weight on a bike most when starting up from stoplights and when powering back up to speed after a long climb.