When going to a larger diameter _wheel_, weight increases rapidly. An
aftermarket alloy 14" wheel weighs 14.6lbs, but the 17" version of the same wheel weighs 22.5lbs. An extra 32 pounds of unsprung rotating weight. If the same width tire is used, the tire may be slightly lighter (less sidewall), but nowhere near enough to make up for the increased wheel weight.
Big wheels are for styling, unless you need room for big brakes. Performance tests have shown smaller wheels generally perform better, with the possible exception of slight improvement in braking (possibly due to better brake cooling).