The difference in air resistance is pretty negligible, the real biggie that saves you fuel in the hot temps is less oxygen in the hotter (like you said, less dense) air. The fuel management knocks back the gas and we get better gas mileage.
And the same reason the bike feels like it has extra kick in the pants on a 55 degree day.
Nope. Wrong on this one. If you are talking max speed or dragstrip times then yes, air density has a big effect on max horsepower in the way you describe it as the engine is pumping as much air (and gas) as it can and so a limiting factor in
engine performance is air density.
But not running at WFO, or max hp everything is different and air density's effect on engine performance doesn't matter anymore. For example: if it requires 16 hp to run your bike at a steady speed of 70mph then it takes so much gas (and and whatever amount of oxygen) to make that 16hp. No matter what temperature it is. Your engine is 'throttled' and not using all the available air that it could. But with less dense air, and therefore less air resistance, it will now require LESS horsepower to maintain that 70mph and therefore less gas (and) oxygen to make that horsepower.