There's no cut off, all other things being equal a lighter bike will always be faster up hill. What people usually forget to calculate after finding out what sign the change has is what magnitude it has. For the common range of wheel masses (say 1kg to 2kg per pair) it's not even going to affect your finishing position in an actual hill climb race. For a trip to the mountains, pick ride and handling, including unpredictable crosswinds and braking, and let the mass come out at whatever the important wheel properties drive it to.
There's no cut off, all other things being equal a lighter bike will always be faster up hill. What people usually forget to calculate after finding out what sign the change has is what magnitude it has. For the common range of wheel masses (say 1kg to 2kg per pair) it's not even going to affect your finishing position in an actual hill climb race. For a trip to the mountains, pick ride and handling, including unpredictable crosswinds and braking, and let the mass come out at whatever the important wheel properties drive it to.