This is exactly the way I see it. It does not mater how the wheel is shaped, as long as the tire is in the same place and the wheel bearings and studs are in the same place, everything is the same. I don't know where the idea that spacers cause more stress on the bearings.is this the way you see it?
There is ABSOLUTELY no more load on the bearings or studs than without an adapter (assuming the tire is in the same position as drawn). Think about it. Has the load path changed at all?
Is there some other way to "see it"?