Wight is pronounced "white". Wight can be found as "wiht". I have heard people pronounce this as "wit". Is this mispronounced or for example dutch white = WIT?
Wight and Wiht is white? - English Language & Usage Stack Exchange
at the same time, it has particular associations, that 'island' does not, with being poetic or flowery or in fixed phrases or very particular islands ('Isle of Wight'). So you would be totally understood if you used it instead of island, it is technically correct, but it would sound slightly fancy, like you're trying to be poetic.
I live in Berks, but spend a lot of time in Manchester and Norfolk. I don't see y'rite as a regionalism at all. I would think you would be just as likely to hear it in London, Manchester, Brmingham, Leeds, Newcastle-upon-Tyne and Chipping Sodbury as on the Isle of Wight.
0 E E ('Doc') Smith did no better than to press the term wight back into service: wight (plural wights) (archaic): A living creature, especially a human being. [Wiktionary] OED is not so proscriptive, using the caveat [Now archaic or dialect]. Merriam-Webster adds no caveat for the noun, but [archaic] for the adjective.
And there's the viral video by Shaun Bloodworth, which is said to have been responsible for saving Ernest Wight from closure. In another ten-year-old video the term is used yet again but by a different filmmaker: “Cliff works as a master scissors putter-togetherer.
The distinction between abbreviations (e.g. I.o.W = Isle of Wight) and contractions (e.g. Dr = Doctor, where the first and last letters are retained) is a useful one, but has been eroded in the 20c. by a widespread tendency to abandon the use of full points altogether for both types.