Hey, Will,
Good effort to explain this and thanks for taking the effort... but the writing is confusing unless one is already familiar with the concept. Also, parts 1 and 2 taken together are meandering. Volatility drag is not a "myth", unless you play with the semantics as you're doing in this article. Calling it "drag" as opposed to "inflation" focuses on the effect on returns, which is what people care about. "Inflation" puts the focus on the volatility itself as both cause and effect. If the effect on returns is not implicit in the phrase, most people ask, "So what?"

If the goal is to teach someone, I think the better way is to show the lower CAGR of a high vol return series with an example early on, and then explain the math behind it without resorting to the Wiener process, which is unnecessary. Anybody who knows about stochastic vol wouldn't need to read this, so why show it?