This is exactly what I was talking about. People like to assume that a simple math equation tells the whole story, while ignoring the fact that bikers do more than just exist as rigid attachments to a bike that travels in straight lines.
I can do the math, but I can also swap wheels in a matter of minutes and feel the very obvious difference.
I'm talking about 29" mountain bike wheels, where the mass and moment of inertia is significantly more than what you see on 26" road bikes. It's palpable.
Maneuvering the bike in the air is another place where the mass difference is noticeable. Dropping 500g doesn't sound like much when you think about holding 500g in your hand, but it's a different story when that mass is on the ends of a 48" long wheelbase and you're trying to maneuver it in the 0.5s that you're in the air.
If you're just riding something like your tri bike in a straight line down a smooth asphalt road at a constant velocity then it obviously doesn't matter, though.
You’re not necessarily wrong, but I will point out that high end audiophiles will often say the same thing about their absurdly priced equipment, and then refuse to participate in a double blind test.
You also probably won't see this in your PM data unless you're getting data on partial pedal strokes.
More steady power stuff like on the road, climbing fast, etc? I agree that lower wheel weight just isn't something you'll notice. (Very good evidence for this is riding a fatbike on a fast rolling dirt road ride vs. climbing very steep fire roads.)
This is only true if you measure only along the forward/reverse axis.
Cyclists stand up, and rocking the bike sideways is easier with lighter wheels.
On mountain bikes there are even more cases.
if you do a blind experiment, where you don’t know the wheels under you, or a third party adds weights to the rim you can demonstrate this. be sure to use the same tires, at the same pressure, as tires and pressures make massive differences in comfort feel and efficiency.
source: me, long time triathlete, cat3 bike racer, coach of a professional cyclist and state tt record holder, gear nerd who has done lots of power meter experiments and spreadsheets