It’s an interesting question & thought experiment! To the degree that it even matters compared to all the other bigger forces, I would put money on riders naturally adjusting for CoM changes by riding slightly higher during the turns; I’d bet they already take approximately the ideal racing line you suggest. I just watched a couple of velodrome rides on YouTube, and it does seem like riders are often closer to the red line during the turn and the black line during the straightaway, statistically, but it’s noisy and would need to be measured.
The CoM’s elevation change on a velodrome track is due to roll rotation around the direction of travel, not to climb & descent. You can’t pedal harder to recover from a lean, so this is a different kind of up and down than straight line elevation changes. It makes sense that work is being done somehow if the CoM moves up and down, but the turns come with necessary changes to the higher moments of inertia anyway that flattening the CoM elevation doesn’t change. I’d speculate that the ideal CoM line might not be flat, in the presence of mandatory high speed banked turns; the fastest line and the line minimizing CoM elevation change might be two different lines. Do also keep in mind that on a velodrome track, a higher elevation line is a slightly larger radius turn & longer travel path. It’s also possible that trying to compensate for CoM elevation change adds as much time as it saves.
The CoM’s elevation change on a velodrome track is due to roll rotation around the direction of travel, not to climb & descent. You can’t pedal harder to recover from a lean, so this is a different kind of up and down than straight line elevation changes. It makes sense that work is being done somehow if the CoM moves up and down, but the turns come with necessary changes to the higher moments of inertia anyway that flattening the CoM elevation doesn’t change. I’d speculate that the ideal CoM line might not be flat, in the presence of mandatory high speed banked turns; the fastest line and the line minimizing CoM elevation change might be two different lines. Do also keep in mind that on a velodrome track, a higher elevation line is a slightly larger radius turn & longer travel path. It’s also possible that trying to compensate for CoM elevation change adds as much time as it saves.