Aluminium Flywheels

Burnt....Correct, but the difference in neutral rev speed (out of gear) does not translate to the rear wheels.
The inertia of the 30 pound flywheel is greater than the inertia of a 10 pound flywheel. The same goes for every other component in your driveline. Obviously, there is a "happy place" for the amount of weight. In the end it is all a compromise due to the materials used and the strength needed.

Think of it this way...when you shift gears your engine has a moment when it is free and then it is slammed with the stress of pulling the next gear. The heavier flywheel helps keep the engine from slowing down. if your engine has tons of torque, it won't need this extra weight. the flywheel is the only part connected directly to the engine so it makes all the difference to the engine.
I can do a burnout and shift to 2nd casually without the tires losing much speed....that is the inertia effect of the driveline...as in everything downstream of the flywheel.

The engine does the same thing.