It can be yes. Metals in general are a bad idea because of leaching. There have been many a thread where someone's tank was going/went sideways with no apparent reason only to find a pump, shaft, magnet was rusting and leaching metals into the tank causing a crash.
Not to say that a bit of rust from a prop shaft is going to nuke your tank, but is it worth the risk? For me, spending a few bucks replacing the wetside made me sleep better knowing the $$$$$$$$$$$$ (yea, probably enough dollar signs) that I wouldn't have to worry about mysterious deaths..