Great reply, thanks…I'm going to go with the lawyer answer of "it depends".
With regards to pot holes, the ones I see that would damage a "large" wheel would also likely damage a "small" wheel. I put those two in quotes because you're only looking at the rim size. Most OEM 19" - 22" wheels also use a larger diameter tire than your 16" wheels. Yes there is less sidewall than the wheel/tire combos of old, but for the most part they have found a happy medium that significantly improves handling of modern vehicles without completely sacrificing durability. Tire technology has also massively improved since the days of the 16" standard. The sidewalls used to be very soft and squishy, that's why trucks and SUVs with 16" wheels and massive tires don't feel super stable at interstate speeds. Modern tires have very advanced construction techniques that allow them to flex in specific ways so they can be stable at speed, complaint over bumps, and not get completely destroyed on our roads. Add to the improved tire technology improved suspension technology and you have modern vehicles with functional wheel sizes that were comical in the past.
All that said, there are limits to everything.
Personal experience, in 25 years of driving old and new vehicles with "low profile" tires, only one had significant issues with pot holes and that was the wife's 2002 Eclipse with 17" wheels and very small sidewalls. The current vehicles have 18" and 19" wheels, but still have 2" - 3" of sidewall which I believe is enough for normal road conditions. This still means you have to pay attention and avoid the massive holes in the road, but man hole covers, road joints, and construction things won't be a problem.