Light weight drive shafts, wheels, etc won’t increase HP at the flywheel (well…except for the flywheel itself) but it will absolutely increase power at the rear wheels. There is an inertial power loss that results from spinning up (i.e., rotational acceleration) those rotating masses. You save the “static” weight, too, of course. But don’t forget about the frictional losses in the drive train. They’re significant.