There was an article in hotrod magazine a while back about what's new in clutches... and they touched lightly on aluminum flywheels. The general message was that a steel or iron flywheel with more mass would naturally provide more torque for a launch. The difference in weight between a steel and aluminum wheel is half. They went on to say that heavier cars like old 57 chevys, impalas blah blah should stick with steel because they need it to get out of the hole.
In contrast, the lighter cars, i.e. fox mustangs, with big cube balanced strokers already make big torque, and benefit more from the acceleration than suffer from the small loss of torque.
That's hotrod- not me. but those guys have been around racing since before I was born and I'm an old fart.
It's a good idea imo if you're turning a lot of rpm's to at least use steel, because iron can and will explode, and it ain't purty. I've seen it.
this!
for a low HP car a steel flywheel is better because it stores rotaional energy due to its weight to help get the car off the line
a higher HP car will be better off with the aluminum to help let them spin up.