...centripetal energy, namely ½mr²ω² where r is the radius of the bullet and ω the radial velocity.
The formula is not correct. That is the formula for a thin-walled, hollow spinning cylinder. Bullets are not thin-walled and hollow, they are solid.
If we approximate a bullet as a solid spinning cylinder then the formula is:
(mr²ω²)/4
...ω the radial velocity.
ω is 2 times pi times the frequency of rotation in revolutions per second. It is the angular velocity. When multiplied by r it is the tangential velocity. It's not correct to call either quantity "radial velocity". Radial velocity is velocity along the direction of the radius. No part of the bullet has radial velocity unless the bullet is in the process of deforming.
...how many of us are familiar with centripetal energy...
What you're talking about is the kinetic energy of a spinning object due to the spin. "Centripetal energy" is not really a conventional term used in physics.
Ok, so with our terminology correct and using the proper formula, let's do a calculation with some real values. Let's take a .308 bullet with a weight of 150grains, shot from a 1:10 twist barrel at a muzzle velocity of 2700fps.
Spin rate will be 194,400rpm or 3240 revolutions per second--so ω is about 20,358 radians per second.
To find r for the equation we start with 0.308"/2 to give us the radius in inches. Then we need to convert it to feet. That gives us a value for r of about 0.0128 feet
The bullet weight is 150 grains but we need to scale it to mass by dividing by 7,000 to get pounds and then by 32.174 to get slugs, the unit of mass in the unit system we're working in. The mass of the bullet is about 0.00067 slugs
Now we can run the equation.
( 0.00067 x 20,358² x 0.0128² )/4
That gives us about 11.4 ft/lbs
If we recalculate for a 1:8 twist barrel it works out to about 17.8 ft/lbs of kinetic energy due to spin.
Let's contrast those values with the muzzle energy of the fired round due to muzzle velocity alone: 2427ft/lbs.
So the spin energy increases the overall energy of the round by about 0.5% with a 1:10 twist and by about 0.7% using a 1:8 twist.
If we compare that to the amount of energy lost due to air resistance the 0.7% increase in energy due to spin energy is less energy than would be lost due to air resistance (decrease in velocity/energy due to drag) after traveling about 5 yards.
So the bullet loses more energy due to air resistance in the process of traveling 5 yards downrange than the total amount of spin energy that the round possesses.
If the spin energy is having any significant effect at all on the killing power of the round, I would agree with you on at least one point. It would be very mysterious indeed for such tiny energy numbers to have any noticeable effect on the terminal performance of a bullet. It would be like saying that getting 3 or 4 yards closer to the target is going to make a signficant difference in the killing power of the round.