FlightDetent, I’m sorry, but when it comes to IAS, the frame of reference that matters is the air mass you’re flying in. It doesn’t matter whether you fly fixed holding patterns or shifting orbits, the effect of a constant wind on IAS is the same - nothing (except that to fly a fixed racetrack you’ll sometimes have to tighten or relax the turn to allow for the wind, with a consequent change in induced drag).
If what you believe about wind and inertia were true, it would also change a whole lot about close-in air combat. For the last hundred years, fighter pilots have been doing their utmost to maximise their turn performance and energy state, in an effort to gain every tiny advantage possible. Yet never the slightest thought for the supposed effects of turning in or out of the wind. Perhaps as well as bewaring the Hun in the sun, they should have been worried about the Hun attacking from downwind?
Hans has it right.