My view is this: Usually if something is of heavier weight, it's more durable and robust and I think that's the origin of "heavy weight=quality" (I know you talked about "feels better" and that's something different, I just want to make another point).

Usually I find this to be accurate, especially with tools. A light spade or spoon or fork is usually crap. It's possible, however, for something to be light weight and robust, for instance titanium "outdoor cutlery". And then it does feel high quality to me, despite being light - because the robustness is more important to me, than the weight as such.

Similarly, with the "plastic" of the Pixel 5: It's lighter, which I find better for a phone anyway but it is also durable and feels good in the hand (e.g. warmer in winter). It's certainly still a very personal and subjective thing but that's how I view it.