I've never heard that a titanium alloy steel was softer than normal steel. If anyone has any data or references to support this I'd be the first to admit I was mistaken.
Springfield Armory uses Titanium allow firing pins in thier loaded 1911 models. I have never had any firing pin related problems using titanium pins. To address the original question, SA uses a stronger spring with their Ti pins, so it's not a bad idea, but perhaps unnecessary.
For some interesting calculations on the force necessary to provide an accidental discharge due to the movement of the firing pin when the pistol is dropped you may wish to see this link:
http://www.sightm1911.com/lib/tech/drop_test.htm
In a nutshell, it states with a standard weight firing pin with a firing pin spring weight of 3-3.5 pounds, you'd have to drop it from quite a high distance.
I see no disadvantages to a lighter Ti alloy pin, other than cost or perhaps availability, but it is not necessary by any means. Any good quality pin will do its job well.