I rode velodrome for 25 years, I still dabble. Like aluminium, steel had a reasonable fatigue life when used 'within normal mechanical limits' and like aluminium degrades when tested beyond these limits. I used to ride with Stewart Brydon, Commonwealth track champion who would change a frameset every three months. As a callow yoof I asked him why "Because there's nothing left in it after three months of sprinting, try it...' Dead as a door nail. Sean Kelly reportedly demanded a new Vitus after every Classic, for the same reasons.
Bikes that are raced, and raced hard age a lot quicker than a bike frame which is ridden in 'normal riding'. It's for this reason I wouldn't buy a 55 year old track bike, unless I wanted it as an ornament. This, from Sheldon:
"For instance aluminium is compromised with every bend, twist, vibration it is asked to absorb. Over time the material degrades and at some point, no matter what you do, it is going to fail.
Steel has a definite yield point. Below that yield point it can suck up as bending, twisting/vibration almost indefinitely. Above that yield point, then the material ages in the same way as aluminium."