Firstly, for the G70, the difference between RWD and AWD is about 150 lbs, or roughly 4% relative to the overall weight of the car. It isn't a huge amount, but neither is it insignificant. The heavier the car, the less AWD adds to the overall weight. For a 2500 lbs sportscar, that could be 6-7%. For a large sedan weighing upwards of 4500 lbs (e.g. G80 or 5-series), it's closer to 3%.
Secondly, the position of that weight also makes a difference. For lateral acceleration, the farther away that additional weight is from the CG, the more it will have an effect on cornering attitude. The transfer case is generally behind the engine, so the added weight doesn't impose as great a polar moment as, say, the added weight of the 3.3TT vs. a lighter weight 2.0T engine. But, it is far rom being in the middle of the car either.
Thirdly, since the G70 is based on a RWD platform, the AWD version's added weight being mostly upfront actually works quite well in concert with the addition drive wheels being also up front. Contrast this with a FWD-biased platform, where the AWD version actually adds a good bit of the weight on the "wrong" end. This is why, while FWD Audis already tend to be an understeer fest, their AWD version are even more so. Precisely why I find them rather distasteful, but that's just me.
Fourthly, an AWD with the front
wheel disabled does not a true RWD make. Especially if the entire chassis and powertrain programming (torque vectoring) is finely tuned for its native drivetrain layout, like the M5 rightfully would be.
Finally, on the street and in everyday driving, none of these AWD/RWD and weight differences are gonna manifest themselves to a degree where most drivers can really discern. You really have to put it on a track, toss the car around, and push linear and lateral accelerations to their limits (~1G) repeatedly before the pros can be truly appreciated and the cons rear their ugly heads. On public roads, even in some spiritedly canyon carving and twisties dicing, the felt differences between a RWD and an AWD G70 will be negligible at best.