Taking out dynamic time and weather in favor of "other features," in this case taking out dynamic weather and time for... road reflections. Visual road reflections add nothing to the gameplay compared to the other 2 features. I agree it would look much nicer and it's something I found distracting when racing in the wet without road reflections, but dynamic time is more important in my opinion.
It would sound more logical to me if we switch up your comment and say visual road reflections are not necessary until it's feasibly possible to do so without removing the more important features in the game.
And PD has already reduced the grid count to 10-12 cars in most of the races in the single player. And the most it has done is give us is a slightly more stable framerate compared to 16 cars. It will NOT free up enough memory and CPU usage for rendering road reflections on tracks with more complicated 3D geometry and dynamic lighting.
I think if there is a developer that can pull off realistic wet pavement, it will be PD. I'm hoping the PS4 GT will reach photorealism.