I'm, uh, "vintage" enough to have had a chemistry set of the dangerous and fun kind. It helpfully supplied magnesium strips to light afire using the equally helpful alcohol burner. Man, does it ever burn! And water has no effect on it once lit.

That said, Coleman's X stoves have magnesium burner legs, so it's not as though the stuff's going to burst into flames in the presence of heated language :-) Still, there's probably a reason you don't see actual magnesium "mag" wheels these days.

A friend who used to own a prototype machine shop did have to take extraordinary care when handling magnesium and storing/disposing the turnings. Aluminum's also a hazard, but not as severe.

He also worked with titanium. I don't recall what he had to do with the turnings, but it was very challenging to work with. I'll ask next time we go hiking.