I listened to a video a couple of months ago about the upsized wheels on the new F1 cars. They went from 13" to 18" wheels, and the tech expert being interviewed said that they expected lap times to INCREASE by 2-3 seconds per lap due to the larger wheels. Higher moment of inertia adds a lot of effective mass to the car, making it harder to accelerate and decelerate. Also the shorter sidewall on the tire was forcing a complete retuning of the suspension springs and dampers. On previous F1 cars, the lower spring rate of the taller side walls was a significant part of the spring rate in the suspension.
Another example of going too large on the wheel would be GM's 5th-Gen Camaro. When first released the performance wheel option was 20", but when the max-effort track car Z28 was developed, GM went down to 19" wheels.
Wheels should only be as large as necessary to fit the brakes you need to get whoa'd at the end of the straight. On my Camaro, that meant 17" wheels and C5 Corvette brakes. If I added power, I'd have to put bigger brakes on, then increase to 18" wheels, which are more expensive. Speed costs money, how fast do you want to go?