The larger the wheel, the more advantage alloys have in terms of weight. I’m not curious enough to spend the time to find an exact sized comparison wheel in either material. Generally, it appears as though the alloy has the advantage even in a 14" diameter wheel. However, the materials and engineering did not exist back when that car was made so the point is kind of moot.
Regarding the propensity for modern wheels to be larger, that is likely to be originated by marketing. People seem to like a larger wheel size over a smaller one. So marketing goes to engineering- if we want to sell in the current market, wheel size needs to increase. OK, that means a heavier wheel so what do we need to do to compensate? We can change the gearing in the drivetrain to better match the larger diameter wheel and we can adjust the engine power band as well… the point is, the entire drivetrain of the vehicle is a system. Tradeoffs can be made to accommodate less than ideal scenarios in any of the components…