OpenGL3 is not GLES3, but Godot has support for GLES3 which is how it works here. The ARM build expects a few things that aren't available on these devices, but that's what Westonpack provides in some chimeric form.
Am I wrong to assume that Godot's runtime can be very bloated when just working with simple beginner 2D games?
The same can be said for most modern game engines. The developer's time is usually more costly. Godot's light enough as is for most modern systems and the PCK or even runtime can have features stripped out if really desired.
It seems Godot has some raspberry pi porting capability but I wonder if it's worth learning that (or if Godot is not that friendly for this?) or if it would be a better learning experience to try porting to something like raylib?
Godot editor itself runs fine on the RPi5 and I spent a few months working on it almost exclusively for 2D and basic 3D out of science. The hardware and setup's still weaker than the average PC, but 2D mostly will run fine. Worst case some shaders aren't friendly.
Raylib will likely be leaner but also have a far longer development cycle, because it's more or less a toolkit to build a game and/or engine on, rather than a full suite.