I am an out of shape former racer who has ridden his bike 10 times in the last two years. I have a dad belly and rarely work out at all. I recently did The Rift this summer - a 200km gravel race here in Iceland that people come from all over the world to race. I did it on a carbon cyclocross bike from my racing days with file treads. I felt like the light weight of my bike outweighed just about every gravel fad that's out there right now. I was flying past people on the hills, and while the ride felt very rough on the high speed flats, I was still going fast. If I were in my racing shape of a few years ago I think I would have been in the top 5-10% of racers, largely because nearly everyone was on giant heavy gravel bikes with massive tires loaded for friggin bikepacking from the look of it. My wife has a purpose-built gravel bike, and she commented on just how slow it felt going uphill (she is a former state cyclocross champion).
With the exception of the absolute professionals, most people "Racing" these events are just there to finish them, and the pros? It's basically just a road race. Gravel offers no significant challenge in handling your bike, and any reasonable set-up can win if it's light enough and the rider is fit enough. The Aero arms race certainly matters in time trials, but I remain unconvinced there's enough benefit for the actual racing. I know US Midwest gravel races are effectively flat, but acceleration is greatly improved with a light bike too.
With the exception of the absolute professionals, most people "Racing" these events are just there to finish them, and the pros? It's basically just a road race. Gravel offers no significant challenge in handling your bike, and any reasonable set-up can win if it's light enough and the rider is fit enough. The Aero arms race certainly matters in time trials, but I remain unconvinced there's enough benefit for the actual racing. I know US Midwest gravel races are effectively flat, but acceleration is greatly improved with a light bike too.