Thinner wheels/Tyres will reduce drag and help with fuel economy, but I like you TC do not believe lighter wheels would make as much as 7mpg................
The Prius has magnesium wheels but I'd be amazed if they made that much difference. Especially as they then snap on plastic wheel covers which must add weight!!
7 mpg is a lot granted, but heavier wheels WILL make a difference. You may not notice it, especially if the wheels/tyres are not much heavier.
It's exactly the same as adding massive heavy brakes, you're adding rolling weight which will hamper performance and increase fuel consumption. By how much is debatable, but it's still a fact.
There are other factors at play here too, like how good your tyres are. I went from Continentals to Sunew's so I can't blame all the mpg los on heavy wheels as my tyres are sh*tE!!