In drag racing, flywheel weight is only a handicap when you are launching below the redline and/or wasting stored energy in a burst of wheelspin after the shifts. The energy you put into a flywheel can basically be recovered, as long as you have an efficient process.
Power into a flywheel basically equals power out. When you don't have an efficient process for recovering that energy, a lighter flywheel helps by reducing losses. The energy loss is usually due to wheelspin, a lighter flywheel's advantage is that less energy gets spent on that wheelspin. When there is no wheelspin, a lighter flywheel loses it's advantage.
CT isn't a clutch, it's only a way to control a clutch. It can be used on sintered iron as well.
