OK, there is a lot of hearsay ...
Points to consider
1) There is more than one type of steel.
Steels with varying elasticity and tensile strength, yield strength, failure limits, hardness, toughness can be made. The same is true for aluminium.
2) Steel was bad as a wheel material because caliper braking systems in wet weather would not work properly. Aluminium wheel rims did not lose friction so much in these conditions.
3) Aluminium wheels are popular, light, easy to manufacture and obtain. They are probably more developed than steel counterparts because there is a market.
4) Elasticity does not mean weakness. Why would structural engineers build skyscrapers from steel girders? A material with high elasticity can bend or deform to a different shape under extreme stress and still return to its original shape. (Aluminium is classically less elastic than steel and fails earlier under extreme stress).
I'm not sure about the actual properties of the aluminium used, but I'd be surprised if it was more rigid than the most rigid steel. (more like a coke can)