Awerby take what I say for what it is worth to you and I mean no offense by that . Yes it is used for bushings but wear from much harder materials is mostly due to factors other than abrasion . Iron castings aren't much higher in rockwell than yellow brass when they are harder , and unlike brass their makeup varies as does their hardness . Aside from being littered with sand and who knows what these chinese casting are soft , and under a hardness test I wouldn't be surprised if they are softer than brass .
The way I look at it is that if the materials used for manual lathes and mills haven't changed in all these years then there is a solid reason for it