I don't dispute what you say, but I can't help thinking of the video of this year's America's Cup Races. They replaced the old direct drive winches with hydraulics. They must have given up some efficiency. What benefit could they gain in return?
- Energy storage: Crew members (when they get the chance) manually crank the hand wheels to store energy in the hydraulic accumulator. The energy is used later when needed. With a direct drive, power must be supplied in real time.
- Multi-station generators. Multiple hand cranks allow multiple crew members to generate energy to be stored.
- Centralized command and push-button application of power. The helmsman had buttons on the steering wheel that commanded sail and other boat adjustments utilizing the previously stored energy.
It is hard, but not impossible, to imagine similar benefits on a bicycle. Perhaps a multi-rider bicycle could be closer to a yacht. Instead of coasting downhill, the cyclist could store energy to help going up the next hill.
It would be a fun project to design a car for city traffic that uses a more-or-less constant power engine plus accumulator. Power generation could be levelized while the vehicle goes up/down/accelerate/decelerate. The accumulator and drive motors could be hydraulic or electric.
It would be even more fun to watch a Tour de France where the cyclists could store/release energy on command. They could use their own stored energy to put on a burst of speed to pass the pack. If that existed for all competitors, how would race tactics evolve? Of course, the accumulator+motor must not be very heavy if used in racing.