No, the whole point of secondaries is to force switches. If you want to break walls, get another pokemon. There are plenty of pokemon out there.
Although Steels in general don't punish, you're forgetting that its secondary typing hasn't been decided, nor its ability. The way I see it, we need to look at resistances and immunities provided by one type, not the offensive potential.
Weaknesses and offensive potential are the factors you seem to be excluding though, and weaknesses are more important than resistances. You get to switch in on a resistance once, weaknesses can be exploited indefinitely. Cyclohm was pretty damn bulky and had plenty of things to switch into in theory, but the omnipresent threats of Earthquake and Ice Beam limited it more than I expected.
In regards to offensive potential, Steel is a bad attacking type. The reason Metagross uses Steel attacks is it has an immense attack to back them up. Scizor uses Bullet Punch solely because it has priority. You will never see a Scizor utilizing Metal Claw or Steel Wing. Only Rock and Ice pokemon have anything to be worried about, everything else largely ignores Steel STAB. The fact Water, Fire, Electric, and Steel resist it doesn't help its case. Steel and Dark resist Dark, there are pretty simple ways to get around that particular limitation.
Basically what I'm trying to get down to is what does Steel actually do when in against a real-live secondary effect user. A lot of them are bulky waters and bulky grounds, the former of which shrug its attacks off and the latter chase it away. Dark has a niche with punishing Trick, what exactly does Steel do to that Blissey, Swampert, Blastoise, or Hippowdon after it soaks up a Toxic? What does it do on the inevitable switch to a Rotom forme if they want to keep hazards up? If it can't mount an offense, how is it not just a switch-in that invariably weakens your secondary stopper?
I understand we have secondary types and abilities to cover the holes, but right now that argument applies equally to both Dark and Steel, and Steel needs more work in my estimation to be effective. The secondary damage immunities come at the price of some pretty steep weaknesses and paper offensive incompetence.