There is only one powerstroke within four strokes of a four cycle engine, so power is delivered with high cyclic irregularity.
To compensate for that, you have to increase the gyrating mass. Momentum is "stored" and will be "released" between the powerstrokes to smoothen the irregularity. So every engine has some kind of a "flywheel", even if it's really small and if it doesn't look like it at first sight.
Counterweights add to the gyrating mass, so the flywheel in modern engines can be smaller by that amount.
If the engine is equipped with massive crankwebs, or a large blower fan for aircooling or a prop, this adds to to gyrating mass, too, so the conventional type of flywheel becomes redundant.
But the gyrating mass is still in there. The engine will not rev up faster unless the gyrating mass is reduced... eg. lighten the flywheel or removing counterweights... causing cyclic irregularity.