It is all rotational weight (as opposed to the case, etc). The lighter weight may aid in responsiveness but the additional momentum of the heavier flywheel may help it to maintain RPMs in the cut. Maintaining speed is easier than accelerating, so if you don't loose RPMs when you hit a small knot (etc) than can provide more consistent performance for a working saw.
Jason, I know the 064s were lighter than the 660s, but did not realize they were that light! W/O the wrap handle, that may be the same as a 460!
The 044/440 is a lot lighter (14 lbs +/-), but the hybrids generally don't have the torque of a well ported 460 or 461.
Now, if you take a big bore 460 P&C (54mm) and put it on a 044/440 frame, you will have a saw in the mid 80s (cc) that only weights about 14 lbs, but, could you make it run!