If you are using an accurate collet in a finger steady, or reasonable quality bearing, or collet in the reasonable quality bearing, as the steady, then geometrically the whole set-up forces the bore to be concentric as possible with the OD at that point. The leaves only dialing in the other end at the chuck so the bore is co-axial with the shaft. The only real potential "gotcha" is that if the steady is off center height or sideways from the lathe centerline, the bore will be tapered. But it has to be off-center more than a few .001's to matter.
I guess what i am saying is that at least with regards to machining, in theory the steady can actually be the superior process without much effort.
But once the steady is bearing on an intermediary (say a collet) that vagary could be a problem depending on the collet's precision and fit. Plus now you probably have a collet at both ends.
I use a 4 jaw chuck on both ends of my headstock, work with the shaft through the bore (Hardinge second-op headstock with the key pin removed), and dial both ends in. so a steady or might be faster for me, if i ever got around to making a full set of accurate collets.

Or for shafts alone i could probably make (or buy) 5c collets to use direct, rebored for the taper. But a person kind of gets set in their ways because changing is inconvenient at the time it happens.
It's like everything else in craftwork, which is more accurate and which is more convenient depends on the accuracy of your set of tools, and your preferred method of work.
smt