A full carbon frame for the S40 (or any model) would probably be heavier that the aluminum hydroformed frame - it is extremely light and strong. I have "Magic" which is 100% carbon - and it is 5 lbs heavier than the V20C.
I suspect that a well-designed carbon frame for a Cruzbike would be lighter. It could also be more compliant and comfortable as well as stiff where needed. The trick I believe is the cost to engineer develop, test and make it. With a claimed weight of 3.7 lbs. for the actual frame and 12.14 lbs. for the frame set, I do not think that a minimal weight saving on a carbon frame will make the bike too much lighter. Given the already costly frame kit I am not sure any of us would be willing to pay the price for the weight saving.
I did notice that Slyway claim ~9.5 lbs. for their frame set, though not sure what is included or the weight of a competed bike.
Just for fun I looked up the frame weight for a Trek Domane Carbon frame and it is ~3 lbs. and the complete bike was 19.4 lbs. I am currently building a V20 c and if I take the frame set at 12.14 lbs. and add component weights, I come out around 23-24 lbs. I have been impressed with the weight of the front-end components compared to my Q45.