Does the weight difference between a larger sidewall vs the weight of a larger rim play into this discussion?
yes. Look at tire and wheel weight.
The tire area with sidewall is mostly air. Most of the weight of a wheel is in the outer rim. Larger rims with the same outer diameter tire have more rotational mass then smaller rims with the same tire. Also tires need flex to grip, otherwise we would all be rolling on large skateboard wheels. Larger rims have more Rotational mass which increases breaking distance, decreases acceleration, decreases cornering grip.
For tires almost all the weight is in the outer tread which is the same for all tires OD. I looked up a few LT tires on tire rack that made both a 17” and 22”. For all of them the tires were within 2 lbs most it was 1 lb. For example toyo AT3 in a ~33” OD same speed and load rate: 285/70-17 is 54 lbs, 285/50-22 is 53 lbs.
Now rims. I couldn’t find a rim that is made in both a 17 and 22. But ball park similar quality 22’s are about 19-21 lbs heavier than a comparable 17. Most of that That extra ~20 lbs per wheel is 2.5” further from the center.
Doing some rough math and estimating. The 22” rims have around double to triple the rotational mass. That is take up to 3x more energy to change velocity (both accelerate and decelerate). Another way to look at it is that that extra ~75 lbs of wheels+tires has the effect of at least an extra ~150 lbs detriment on acceleration, braking, cornering dynamics. Does that matter on a 7k lb 800 hp truck? Somewhat, will you notice it? Possibly?
I raced track cars for years. For endurance and rim size The thinking was always run the smallest rims that would fit over the brakes, as overheating and fade was a concern. For autocross, downsize the brakes and run the smallest possible wheel and even downsize the OD tire for better acceleration, grip, cornering since races were not long enough to overheat brakes. All that said, The Rivian is not a track car.
I’ve said it before but when F1 switched from 13” to 18” rims (with the same OD tire) to make them look “more modern”. The cars got slower across the board. There is no performance advantage (only disadvantages) to larger wheels.
Another thing to consider with trucks is protection from impacts, rocks, logs, pot holes,…. The more tire the more space to not impact the rim. Also tires work as part of the suspension. More air volume decreases strain on other things like wheel bearings, CV joints, control arms, bushings, frame,… when I travel north on the Dalton which is notorious for washboard I air down 15-20% so the tires can absorb much of the vibration and taking much strain off everything above the tires (including me).