This.
But to clarify, it restricts what level of runes you can apply to the weapon.
The short answer impact-wise is special materials are so expensive and so inhibitive to improving your weapon that you generically don't want to use special material.
You use special materials when you're repeatedly encountering something that warrants its use.
And, there are consumables that can apply some kinds of special materials on a limited basis.
Yeah, the consumables have kinda stolen that vibe, unless as Claxon noted, you repeatedly face the same needs (and thus want to save actions you keep spending).
Yeah unfortunately precious material weapons just usually aren't worth it in PF2 outside of a campaign with a strong theme where it does matter. (Showing up to Spore War with a Cold Iron weapon absolutely makes sense.)
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At lower levels, having a backup weapon made from Cold Iron or Silver can be worthwhile. Like a Cold Iron gauntlet, for example. On the rare occasion that you need such a weapon, you start punching instead of using your 1H weapon, and the Weakness compensates for the 1d4 damage die.
Or a Silver Light Hammer, which requires a weapon change instead of just dropping the original weapon.
This is particularly effective for a two-weapon build & Doubling Rings.