It does make sense in the one sense of the argument...Momentum.
All other things being equal (absurd I know) if one arrow weighs 500 gr and the other 50,000gr, its obvious which will penetrate further since the ultra heavy arrow will likely never leave the bow. Pair down its weight till it barely leaves the shelf, and it still won't penetrate. Make it barely get to the target...say 2000grs, and it might just bounce off... So yes there must be a point of diminishing returns. Using momentum as your one factor, one could find that point of diminishing returns by chronographing the heaviest arrow they can shoot with perfect flight versus another light one, do the math and there you would have an answer of whether that super heavy shaft would out penetrate, again using only Momentum as your definition.
Ashby felt that it was closer to 14grains per lb I believe. But again, you can't know it with out speed measurements and math work, and this only deals with momentum, all else being equal.
A 70# ACS cx is going to be able to efficiently return far more momentum than my snake backed character bow of the same weight at ANY gr per lb.