Similarly I am not willing to wrap a LiPo battery around one of my fingers. Absolutely not. I suspect this is in part why we have not seen more smartwatch bands doing the same.
A tungsten band is a lot harder than a gold band. But a gold band is already way harder than your flesh. Jimmy Fallon was wearing a traditional platinum band when he nearly lost his finger.
If you want to reduce your risk, you should either not wear a ring or wear a silicone band.
There are some rare exceptions for specific jobs, see OSHA (or your country equivalent) for the exact rules that apply to you.
There are composites which are fiber based but those aren't labelled as steel toes, they aren't designed to shatter and it's not plastic.
But if you're an actual worker that relies on them to save your toes, CT has much worse puncture resistance than ST. So it's trivial to puncture with a framing nail gun or cut through it if you rest a board on your toe, for example.
They also shatter when something heavy falls on them. If the thing bounces and you're quick enough to pull your foot, then great. If not, the second bounce will be shattering your toes and your boot will be filled with fleshy composite soup that is impossible to save. A steel toe in that situation will just bend and odds are good that your foot will be salvageable.
https://www.youtube.com/shorts/Y2gzBI-2amA
My ring has a "comfort fit" profile, and it slips off so smoothly I can't imagine why this would ever be necessary.