4340 steel isn't exotic. It's one of the most commonly used grades of steel out there, and it's much cheaper than titanium. There are steels out there with significant stronger yield strengths too. Meanwhile the highest yield strength of any Ti alloy is <1300MPa.

Titanium is still a really great material in certain applications. But it's not magic. You have to use it intelligently in the right application to get a benefit from it.