Not Ranked
The simple answer is that on the track a well engineered light car will be faster in every way, except maybe acceleration, than a similar well engineered heavy car given the same power to weight ratios.
On the road it doesn't matter nearly as much because to overcome weight you can just add power - that might mean adding more weight and cost but then adding lightness is also normally very expensive in it's own right - especially if properly designed and engineered.
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