Technically [rust][1] is limited to iron.   What is bad is the rust starts and continues.  The water / oxidizing agent is not consumed.

Aluminum will oxidize but it forms a protective coating.  An aluminum frame will not "oxidize out".

Some iron alloys such as [stainless steel][2] prevent rust.  I don't know why you don't seem to see stainless in bicycles.


  [1]: https://en.wikipedia.org/wiki/Rust
  [2]: https://en.wikipedia.org/wiki/Stainless_steel