That's mostly it, but it's linked to the fact you can transmute ghost iron bars into trillium bars, which can be transmuted into Living Steel. So ghost iron is really really useful for sky golems and panther mounts, because they require 4 Living Steel's, which means 24 trilliums or 240 Ghost Iron bars, if you wanna go that way instead of farming the trillium itself!

-Island Expeditions- Island expeditions was one of the new features I was looking forward to but Blizzard no longer makes games that are ready when they are ready but rather makes games ready when the deadline comes. Thus, many of the new features are completely stripped down from what was expected and it's literally just a small scenario you enter with two other players to continue to grind out your Azerite neck piece.
I think that's server dependant. I make a lot of Golems, but the price on my server is high enough that you could buy all the living steel and still make about 20K (almost 200kg on AH). Its just that you proc all the way up the chain. You proc 20% of your trillium, and then 20% of your living steel. SoH and Ghost Iron are such low effort farms, too. 20% of 180 Trillium Bars at 500g is 18k more profit, 20% of 150 Living Steel at 3500g is another 105kg. That's an extra 25k profit per Golem. If they stop selling stockpile them for the next expansion, they always boom with the price of herbs. And a consistent 20% proc rate is the opposite of RNG, its extra free stuff as a benefit to completing an extra quest (not to mention for new alchemists the investment of leveling Vanilla Alchemy). You're looking for some get rich quick scheme, where the real way to build wealth is patience and volume. No market is going to be viable because you want it to be. Only because you make it viable.