F1 couldn't call themselves the pinnacle of motorsports if they moved away from hybrid engines. The performance advantages are fairly staggering.
It also depends on what your point of comparison is. Current vehicles are able to go faster with a V6 than the old V10s could, and that compactness is saving weight and adding performance elsewhere, so it's not as straightforward as modern F1 cars being too heavy. Modern cars also have a much bigger focus on safety than the old cars did, which, again, adds mass.