Bill Daniels wrote:

... It's not black and white, but steel is far more
dangerous than spectra and that alone makes it worth the switch.
...

A lot of other factors are to be considered when deciding to switch.
In our case, as we just spent a lot of money in 6 reels of 1km of
new steel cables, which is already a questionable decision when you
consider the very low use of the winch, spending a much higher lot
of money in spectra is even more questionable.