Take the same style bike and compare the weight, steel bike is gonna be 3 or 4 pounds heavier, which is in reality is completely negligible. Lighter bike is gonna be like .69 mph faster, but not enough to call it too heavy and too dang slow. The only circumstance where the difference matters is in racing, but in the world of non racing crowd, it's not that important really. Nothing that can't be fixed with .69 % in strength increase. If there was a 15 lb difference, then it would be noticeable.

Now let's move into the fantasy world where 3 or 4 lb's off the bike truly makes a difference.

To begin with, when one gets a lighter bike with a different frame material, one will automatically assume that it's gonna be blazing fast. Money spent on a new bike and all the excitement make it that much harder to get over that assumption. 99.31% of the speed one gains is all in one's head.

Unforgiving ride is another factor that makes it seem like one is going faster. All those extra vibrations play mind tricks on one's impression on speed, so it must be faster.

More rigid frame is another. Pedal stroke with a less flexible frame material is gonna give a better power transfer, but the feel is one factor that accounts for most of the speed gain. Again, most of it is in one's head. If it feels faster then it must be. One point that most people seem to ignore with more flex in the pedal stroke is that it's better for the knees. It is very possible or plausible that extra flex takes some of the edge off that makes a difference in better knee health. Just think about it. When more power is applied, the extra flex in the frame gives that natural adjustment that muscles, tendons, and ligaments crave in the repetition and hard work they are required to do.

Natural springiness in steel frames is something that no other type of frame is even close to offering. Tires, frame geometry, and the wheel type have some influence on the ride comfort, but nothing compares to the most advanced suspension system. Carbon frames have a damping effect which mostly works with the bike, and it basically compounds all the stress into the bike, usually at specific places in the frame, which makes them very fragile compared to aluminum which transfers most of the stress into the rider. Steel frames spring and react all over the frame when interacting with bumps which automatically interacts with a rider in the most favourable way as far as comfort and riders attachment to the bike goes. That's where the phrase "steel is real" comes from. Nothing gained, nothing lost. All that remains is you and the bike.