I also think there is a small difference. It really shows up when you get into extremes.
If you have 225 gr up front - one with a 100gr insert and 125 point and the other with 11gr insert and 200+ point, the heavier point seems to act weaker for me because all of the weight is at the very front, whereas the 100gr insert is fairly long with the weight centered back in the shaft farther.
I can see the difference in arrow flight at 20 yards - not a lot, but the heavier point does fly left (I shoot left handed) from the light point/heavy insert by a couple of inches.
Move the combinations a bit closer to each other - like the difference between 11gr insert and 50gr insert and I see no difference.