Time for some math. Disclaimer, I honestly expected the difference to be higher, but I stand corrected. There is difference nonetheless. Using my CX-9 as an example, going from 20 inch (OEM size) to the minimum size of 17 inches, both with Fast FC04 wheels (normal aftermarket wheel, nothing fancy). Calculation are made using this calculator:
Math:
Fast FC04 Wheel 17x8 = 17.40lbs - Equivalent mass = 11.027kg (24.25lbs)
If you had the same weight wheels in 20 inch (effect of rim diameter change only)
17.40 lbs wheel in 20 inch diameter. --- equivalent mass = 12.230kg per wheel (26.906lbs)
so that is only 2.6 pound difference from the inertia alone. But larger diameter wheels (for the same brand, model) are also heavier, because of the increased surface area.
Fast FC04 Wheel 20x8.5 = 23.80lbs --- equivalent mass = 16.729kg (36.80lbs)
Tires
defender LTX M/s2 255/65R17 = 35lbs- equivalent mass 29.8kg (65.56lbs)
defender 2 255/50R20 = 33lbs - equivalent mass 28.438kg ((62.48 lbs)
so the equivalent mass of the 17 inch wheel +tire combo is 89.81lbs
and the 20 inch wheel +tire combo is 99.28lbs
Conclusion:
so in this example the 20 inch wheels and tire assembly are only 4.4lbs heavier, but have an equivalent mass penalty of 10 pounds per wheel (tire included), or 40 pound for all four wheels.
Math:
Fast FC04 Wheel 17x8 = 17.40lbs - Equivalent mass = 11.027kg (24.25lbs)
If you had the same weight wheels in 20 inch (effect of rim diameter change only)
17.40 lbs wheel in 20 inch diameter. --- equivalent mass = 12.230kg per wheel (26.906lbs)
so that is only 2.6 pound difference from the inertia alone. But larger diameter wheels (for the same brand, model) are also heavier, because of the increased surface area.
Fast FC04 Wheel 20x8.5 = 23.80lbs --- equivalent mass = 16.729kg (36.80lbs)
Tires
defender LTX M/s2 255/65R17 = 35lbs- equivalent mass 29.8kg (65.56lbs)
defender 2 255/50R20 = 33lbs - equivalent mass 28.438kg ((62.48 lbs)
so the equivalent mass of the 17 inch wheel +tire combo is 89.81lbs
and the 20 inch wheel +tire combo is 99.28lbs
Conclusion:
so in this example the 20 inch wheels and tire assembly are only 4.4lbs heavier, but have an equivalent mass penalty of 10 pounds per wheel (tire included), or 40 pound for all four wheels.