The dephleg is for "knocking down" the vapors - turning hot vapors into hot liquid - to cycle back in the still repeatedly.
You don't really want that liquid to be too cold, that would make the column unstable and unproductive. Just enough to phase change back into a liquid and not much more than that. Over-chilling the hot liquid should be avoided.
The product condenser is to not only knock the hot vapors down but to chill the distillate enough that the alcohol does not quickly evaporate into the atmosphere (causing a loss of alcohol and a fire hazard).
Oversizing the product condenser can help to save cooling water as the distillate has more contact area and time.
And because most alcoholmeters are calibrated to read at 20C.
The most efficient (shotgun style) product condenser I've seen so far is really two condensers. A small "pre-condenser" that takes the brunt of the heat exchange and knocks down the hot vapors into a hot liquid. The next, bigger, condenser can more effectively chill the hot liquid into a cool liquid.
My all-time favorite condenser for water effeciency is a copper worm (coil) in a bucket. But it's not as elegant and compact as a shotgun (tube in shell) condenser.
I wouldn't think the product condenser is doing less work than the dephlegmator.