the centrifugal force greatly reduces the high gravity.
Yes, this is a physical concept, and in fact how orbits work. Any small mass $m$ orbiting a large mass $M$ has its centrifugal force balancing gravitational acceleration exactly, so that
$$g = \frac{v^2}{r} $$
and the gravitational acceleration $g$ is the result of the planetary mass $M$, gravitational constant $G$ and distance $r$ via
$$g = \frac{G M}{r^2}$$
so that any velocity that fulfills the force equality is $v^2= \frac{GM}{r}$, also called Keplerian or orbital velocity. Therefore this is the velocity at which centrifugal force can balance gravity. This velocity is only a function of the planet to be orbited and nothing else, particularly no other planet, like @Soans confused answer might suggest. It is $8 km/s$ for Earth's low orbit, and will be much higher for OP's rapidly spinning, high-mass planet.
This has now several important implications:
- A planet rotating with Keplerian speed at its equator, will not be a stable structure. Its surface would lift off into space.
- A planet rotating at less than Keplerian speed will feel a reduction in gravity. This reduction will become less and less as one goes from equator to the poles, so the concept in OP's question is also real, but the 'centrifugally assisted life' needs to develop at the equator, otherwise there is always an unstable region on the planet.
The fine-tuning required for this effect to be viable (also we don't know at which gravity life can function) might make the setting unbelievable.