When biking at a steady speed, even when accounting for the fact that steady speed isn't entirely steady because humans pulse their power a bit, wheel weight is not worse than frame weight (the extra effort of each micro-acceleration is offset by the reduce slowdown between micro-accelerations and then some)
When climbing a mountain, wheel weight is not worse than frame weight
Yes, when accelerating, wheel mass is worse than frame weight, but only a tiny amount. source: physics: https://docs.google.com/spreadsheets/d/1N2aS3E0K4wrTa5jKqed7...
That is my spreadsheet, it is very very basic physics and it drives me crazy that people spew pseduo physics and comment on this "without taking the time to comapre the sizes of the effects"
take the time!
TLDNR; don't worry about wheel weight any more than frame weight. Addendum: don't worry about frame weight much either.