I've read that narrower and thicker has less mass and so is faster than wider and thinner. I've also read that wider and thinner can bend further without over straining the wood.
I can't comment on the speed thing, being a complete newb to bow making, but I am also an engineer and can talk about the stresses/strain/etc. that drawing a bow causes in the limbs.
What is being balanced with the limb dimensions is stiffness versus strength. They are not the same thing at all. Think of a yardstick. Place it on edge and try to bend it and you will find it is very stiff. If you lay it flat and bend it you will see that it is much more flexible.
If we consider a piece of wood that is 1" wide by 0.25" thick and calculate its stiffness and strength we find that it is 16 times as stiff in bending on edge compared to flat, but only 4 times as strong in bending. Stiffness equates to how far it will bend under a given load while strength equates to how much load it can carry before it fails.
Regarding bows, we are trying to size the limbs such that bending stresses are equal along the limb length (I think, if I'm wrong a correction would be appreciated) and to maximize the stresses within the material limits to get the most energy possible into the arrow. This would be why you can make a narrow, thick limb weigh less and still carry the loads, because that cross section is stronger in bending than a wider, thinner section.
Mark