I disagree..
Wing loading should be much less of a factor during the initial pitch up, and during the pitch down phase, the angle of bank is being reduced.
Parasite drag is reduced during the pitch up because it is a function of airspeed, which is also being reduced
The point of this maneuver is not to add power to sustain a climb, or hold a particular airspeed, the power setting should remain constant.
Remember there are 4 pitch phases (nose up-45, nose level-90, nose down-135, nose level-180) and at no time is the pitch held at a constant angle.
If you were to add power it would result in each lazy 8 ending higher than the last.