F1 crankshaft material regulations: "5.17.4 Crankshafts must be manufactured from an iron based alloy." Double vacuum melt Cr-Mo alloy steel such as AMS 6414 would certainly meet this requirement. But this form of wrought alloy steel bar can readily be purchased for less than $25/lb. Which is around half the price for aircraft-quality titanium alloys.
As for Xtrac's statements regarding how wonderful their proprietary XM031 gear steel alloy is, in reality it is no better than existing carburizing gear steels with high tempering limits such as X-53 or Carpenter C64.
https://www.cartech.com/ssalloysprod.aspx?id=4601
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