If that were the case, machine tools would be made primarily from steel. They aren't. As for the hardness of cast iron, true it is softer than steel but it's high carbon (graphite) content tends to make it somewhat self lubricating were steel will gall much easier. This is, of course, metal to metal contact so really wouldn't apply here. Should have said that in the first place. As far as stability. No steel will outdo cast iron if properly stress relieved.
infrequently.