Momentum is mass times velocity, but the function of the wheel is not about velocity, instead it is for feed control. While you lower the drill bit, the wheel is stopped. As soon as the bit hits the wood the wheel starts turning and reduces the feed. The amount of feed and with that the force can be controlled by the small knob on top left under the wheel.
I have a similar drill press made by Metabo, and it is one of the joys of my grandson to operate it. Drilling holes and pounding in dowels was one of the first things he could do in my workshop and he still likes it.
Wolfgang