The main reason is that green does indeed overwhelmingly contribute to perceptual luminance (over 70% in sRGB once gamma corrected: https://www.w3.org/TR/WCAG20/#relativeluminancedef) and modern demosaicking algorithms will rely on both derived luminance and chroma information to get a good result (and increasingly spatial information, e.g. "is this region of the image a vertical edge").
Small neural networks I believe are the current state of the art (e.g. train to reverse a 16x16 color filter pattern for the given camera). What is currently in use by modern digital cameras is all trade secret stuff.