Exactly, things like IC's, intakes, exhausts, lightweight pulleys, and lightweight flywheels don't produce any power. Instead, they enable the engine to run more efficiently.
For example, if you dyno a car with the stock crank pulley and get a result of 300HP, then you swap a lightweight crank pulley and dyno it with a result of 305HP, you didn't gain 5HP. All that shows is that you no longer lost 5HP to parasitic drag.
The engine produced 305HP in both situations, the difference being that the engine wasted less energy on spinning the lighter pulley, compared to the heavier one. Because of that, the energy that was not lost was able to be transferred to the wheels.