Good question, Eric. As far as I know the metal is no more protected or tempered than non-straw colored parts.
But next to rust blued steel, it sure does look nice. I just picked up a 1908 Mannlicher-Schoenaur carbine and the metal is all nicely rust blued with just the right amount of strawed parts. Plus excellent wood-to-metal fit and screw slots so thin that no modern screwdriver will fit them.
Ah, the good old days...
dju
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