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While I love these "dyno debates" - the challenge is that there is never one 100% correct answer. The only answer is "it depends" - as to the degree of applicability of a dyno (and type of dyno) as it applies to the best possible engine tune for any type of track. In many cases the amount of at-track tuning goes beyond just adjustments for weather or atmospheric conditions.
Example: On one of our road-race cars, even though we've spent many thousands of dollars on dyno time (full chassis dyno), we still spend quite a bit of time at the track dealing with things like acceleration pump tip-in and partial throttle condition tuning - depending on the track layout and how well we're coming out of specific corners (and Yes - this has a lot to do with chassis setup, tires, car designs, etc). The speed at which we can carry and come out of a corner has a lot to do with our top-speeds in the straight-aways and overall lap times. We can't effectively mimic these load and traction conditions on a dyno. The overall torque/HP curve information we get from dyno sessions is a valuable tuning aid . . . but there is a lot more we have to do at the track.
Now, with that said, it would not surprise me that some very sophisticated dyno operations can somehow input/utilize simulated true track conditions - and therefore can mimic a lot more actual track conditions. Obviously these types of dyno programs are FAR away from what 95% of racers could ever afford . . . they'd only be available to the totally highest end of the performance industry.
Okay - my 2 cents . . . now back to the never ending dyno debate! LOL