I was looking at the Stans site recently. Rim weight different for the same model was about 30-50 grams between 27.5 and 29, depending on the model. I’m guessing there might be similar weight savings in the rubber. So maybe 60-100 grams of rotational mass savings per wheel for an otherwise identical wheel setup. 120-200 for a pair. Then there are the physics of rotatating that around a smaller radius which will help the acceleration. Of course you are losing some traction. But, let’s think about a long, 7 mile, fairly smooth dirt road with some good traction. Or think about a marathon race with 12k ft of climbing on similar roads. I’ve got to think that weight plus rotational savings would add up to something. Probably not enough for the average trail rider cover 10-20 miles.
Then to make up for traction, the 27.5 either needs a wider rim/tire or both, so you give back the outright weight advantage.
I think it comes out in the wash for most people. I would would just go for the best deal on the highest end, lightest, best fitting bike you can afford. Wheel size is just one part of the total bike setup, and you can play with tires and rims to help with any traction issues.
Oh wait, and I forgot rollover.....