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It fits the bill of cheap and reliable, but not "modern"*. The heat retention is very useful, and handling the surface of the pan itself is easy when you're using it to cook constantly.
Non-stick more often than not is going to be cheap and modern, but not reliable because high quality non stick pans are expensive (or people opt for enamel instead because of low quality PTFE/PFAS that both scrapes off easily and can't handle high heat which is dangerous, https://www.youtube.com/watch?v=N-eBmPSqd4g)
I would argue the "upgrade" to cast iron is carbon steel, which is much more common as a wok material. You get a nice balance between affordable, reliable, and modern.
The tier list is:
Gas and Induction is always preferable because infrared is slow enough to be at the best annoying and at the worst less forgiving if you mess up the temperature. Induction comes with the great advantage that it doesn't require a special gas line, and you can actually buy single unit cooktops for pretty cheap, but do keep in mind that induction only works on magnetic metals (won't work with pure copper or aluminum).
In particular non-stick pans are aluminum and induction-ready ones might be quite a bit more expensive. Just another reason for any other type of pan