Wrong, it has to.

Velocity is the key.  The diagram shows the limit of the movement, and
not the true velocity.  That means it accellerates at the end of a
swing inwards, only to stop, and braking force is required, then
reverse directions, which would require more horsepower, then swing
back out only to brake, and reverse again.  Every time the wieghts are
being slowed down inertia makes sure that they want to keep going in
that direction.  Since accelleration is intended to take place in the
first 1/3rd, or send 1/3rd of the swing reversal inertia wants the
resting body to stay at rest.  When the accelleration is done,
decelleration takes place, and at that point a body in motion would
choose to stay in motion.  Newton's Law, still applies.  So, for lift
the only factors that are actually involved are velocity and mass.
Then the payload can be recalculated as either a factor of the swinging
weights or their velocity.  Their limited range of motion is required
for the device to function.