It is totally wrong though, unless the math I linked above has a flaw in it?
The old bike racer’s adage is that reducing a pound on your wheels is worth two on your frame. It’s a reasonable rule of thumb.
Nothing wrong with the math on that link, it’s just that it covers steady state riding and is attempting to prove that micro-accelerations that happen during the pedal stroke aren’t significant (I fully agree, the bike+rider have too much inertia for this to matter).
There are lots of cases (even in a TT) where accelerations are necessary: corners, passes, etc. As a % of total time they are minimal, but the extra wattage needed for these comes at an exponential metabolic cost, so there is some value here.
Since the question was not "does weight matter, " but rather “does shaving rotating mass matter more than shaving static mass” what we need to look at is the total inertial mass and store kinetic energy of a rotating component compared to a static one…let’s look at a carbon rim
Assumptions:
Mass: 400g
Distance from center of rotation: 300mm (I’m treating this as a point mass just to make the math easier, it’s a reasonable approximation)
So, the wheel’s rotational moment of inertia is 400g*.3m^2= 36gm^2
Now let’s say the bike is moving at 30kph (8.333m/s), and correspondingly the wheel is spinning at 3.79rps (assuming the OD is 700mm)
The momentum from the static weight of the rim will be: P= Iv = 400g*8.333m/s = 3.333gm/s
The total kinetic energy for the rim will be:
1/2I(v/r)^2 + (1/2m v^2)
Rotational component: 0.5I(v/r)^2 = 0.536(8.333/.35) = 10,204
Static component: 0.5mv^2 = 0.54008.333^2 = 13,888
You can see these are roughly the same…thus the 2:1 rule of thumb.
Can you put that in terms of the % of total kinetic energy of a bike+rider? Thanks 
edit: Oh…and then take a look at the change in the total when you cut your assumed rim weight in half (which is a highly unlikely occurance).
Ever ask a question you knew the answer to ;). Yeah, it’s small; I’m not trying to make a case that shaving weight (rotating or not) makes large gains in performance, just looking at the relative value of removing rotating vs. non-rotating grams. The rotational KE is only 1-2% of the total.