This subject intrigues me. The general consensus across the board is that aluminum will be the first one to fail. And I don't disagree necessarily...but there are a lot of factors involved.
The type of alloyed aluminum used in popular handguns, including P226 and 92FS pistols, is 7075 aircraft grade and type III hard anodized. The anodizing and the alloying of other metals definitely changes the dynamics.
It seems that 1911s with aluminum frames aren't going to hold up as well as guns designed to be made out of aluminum like the Sig & Beretta. I have exchanged messages with an armorer of Sig Sauers who tell me they have seen P226 pistols exceed 100,000 rounds of +P ammunition with the frame still being in good shape, but the pistol would fire out of battery due to other worn parts and failed inspection.
The venerable Glock is the benchmark for durability and it's made out of polymer. Nobody can deny polymer's strength, BUT for practical purposes, Glocks do eventually fail and while many have exceeded 100,000 + rounds of firing, the same can be said with aluminum framed guns.
Steel is another material where durability seems almost guaranteed, but I don't think it's true across the board. Look at the HiPower; an all-steel gun that does not stand up to hot ammunition and had to be cast instead of forged to ensure durability with the .40 round. It seems that the alloy p226 holds up better than the steel hipower in this regard.
Then again, accounts of the 92FS running forever are rampant, but then the 96FS, same gun in .40, seems to be comparatively weaker. This might be attributed to Beretta failing to design the thing to take .40 from the getgo.
Beretta has recently begun to supply newer alloy-framed pistols with a recoil buffer.
I understand that 99.999% of gun owners will never take their guns to the limit of using up their frame's service life, and that even if they did, the cost would allow them to purchase many new pistols, but it's still interesting to discuss which material will fail first, and why.
Also worth mentioning that the Mossberg 500/90 series of shotgun is considered very robust, but has an aluminum alloy receiver whereas the 870 has a milled steel one. The parts that lock up on the Mossberg are all steel though, allowing for similar levels of durability. I wonder if that's true for alloy pistols? The only thing is that the alloy pistols have alloy frame rails incorporated into the one-piece frame and cannot be replaced.