No, the starter load is not carried through the ignition switch, just the solenoid load is. the starter motor itself will draw 150 - 170 Amps
I don't believe the switch is rated at any more than about 10 Amps, I cannot find the specs.
The solenoid has a massive job to do, it has to slide the gear all the way across to engage with the ring gear, I think it takes something like 30 Amps minimum to do that, but the solenoid is designed to pull 50 Amps so why not use all that power.
Power = Current squared x resistance, the heavy current coil is 0.25 ohms
At 30 Amps the power draw is 30 x 30 x 0.25 = 225 Watts
At 50 Amps the power draw is 50 x 50 x 0.25 = 625 Watts
Which do you think might work better?
This high current to the solenoid only flows for a fraction of a second, as soon as it starts to crank the heavy coil is effectively switched out and the light coil just draws ~ 10 Amps
I often see an owner say the bike cranks ok in warm weather but plays up when its cold, there's a very simple explanation for that. The ignition switch has sliding contacts and sliding contacts need to be lubricates or they will quickly wear away. When it is cold the lube becomes much stiffer than normal so it tends to take tension off the contact point therefore the resistance increases to a point that there is insufficient current flowing to get the solenoid moving 1/2 an Ohm is too much. Petroleum jelly aka Vaseline has been used for over 100 years to lubricate sliding contacts. As it ages the jelly loses some of the more volatile components this also makes it stiffer.
I think if you were to clean and replace the lube in the switch every 4 or 5 years it would probably keep working ok but I recommend bypassing the switch altogether and give the solenoid the current it was designed to operate on i.e. 50 Amps. The easiest way to do this IMHO is to add another relay next to the solenoid using the original trigger wire to feed the new relays coil
If you look at the schematic for a 1999 VII Sport you can see that the start relay on that model doesn't get its power through the ignition switch, instead it gets it from the battery through a fuse the one I had never hesitated to crank all the time I owned it. Another bike that got it right was the early CARC bikes, they also have a direct feed where later ones hav extra relays and still suffer.