Hype around bike parts.
I am in the process of upgrading my road and tri bike. Stems, bars, cranks and seat posts.
The parts you describe will not make you any faster. Upgrade for purposes of comfort or utility, but don’t have any illusions that they will make a noticeable difference in performance.
Why should I go with Carbon cranks vs. aluminum cranks?
The proliferation of Carbon fibre parts is pure marketing. In many cases the performance is totally indiscernible. We all like to be different (else why are there so many types of cars) and so we buy things to make our bikes different. When one guy made something with carbon, they all had to follow suit to keep up with the demand, whether it was performance enhancing or not.
Will I really know the difference? I am going to compact for sure.
For most people compact is probably a good idea if they live and race anywhere with hills. Except you probably don’t even need a 50 in many cases. Devashish Paul rode 2:15 on a 48/34 set up for Half-IM, so it was plenty of gear inches to go fast, though I question the wisdom of spending a lot of time in the 11- or 12-tooth cog.
How much of bike parts is hype over actual fact and function.
Most of it is hype. Twenty years ago there were not that many people making bike components. Now there are hundreds of little companies. Some specialize in specific items and that allows them to compete or even exceed the performance of components from Shimano or Campagnolo. Carbon in frames is good. Carbon in wheels is very good. Carbon anywhere else if of dubious value in my opinion.
Last question - Why not buy the lightest, best components you can afford.
There is no reason as long as you are secure in your manhood or womanhood, because you can bet there will be a lot of bitter jealous people who will envy your components if you ride faster than them. Whenever you ride past someone on a nicer bike than yours you secretly laugh to yourself at their silliness. The people you pass will be bitter they were beaten by a faster bike. Thus begins the “quest to buy speed” that ends fruitlessly back where it began when you realize the only way to be fast is to train more, better, or smarter.
Some people never figure this out and thus we have bikes like the P3C that are wildly popular examples of people who think they will finally break through when they too have the fastest bike.
Not accusing everyone of this, but I suspect there are quite a few who fit in this category.
Buy what you want. I have a bike that cost a ridiculous amount when you add up the various power meter, PowerCranks, ect., but people still laugh when they see it because the aerobars are all circa 1990 scott, the read derailleur is a shimano 600 and the handlebar tape came off a bike I used in 1992 and is starting to shred.
Oh, and the only things made of carbon are the rims.
Have fun.
Chad