The ones on mowers were usually ally , but then the flywheels were quite light too with most of the flywheel effect coming from the mass of the blade .
Just looking at the Tohatsu , it has a spindly lightweight looking crankshaft and a solid flywheel and a doorstep of a (steel) key ,makes me wonder just what would give if it all stopped in a hurry. I already know that crankshaft wont tolerate a lot of twisting to knock it out of true (built up crank ) Someone dropped the 1st one and it wouldnt even sit in the block let alone turn. .