Certainly couldn't hurt fuel economy to go lighter in stop and go traffic.
I tend to drive the average speed of traffic, allowing a gap to form when it's moving faster, and coasting when it's moving slower. I actually get better fuel economy in heavy stop and go than steady highway cruising in my Acura.
I consider lighter wheels to be a handling/performance upgrade, with fuel economy a nice theoretical benefit. Maybe it saves a couple gallons of petrol over the lifetime of ownership.
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