No the class gives you a bokken for the first few classes but then you have to get an iaito. The blade being actual steel doesn't present a problem, I've already handled Hungarian hussar scimitars and even European-style longswords once or twice. I heard katanas were very light, due to the process in which they are made.
How they are made varies a lot.
Wall Hangers are made out of zinc, if it doesn't snap when drawn it will the first time it comes into contact with something.
WWII era mass produced (the quality difference in these can be drastic, the metal isn't fancy and they were flat out quenched in motor oil for tempering but they're potentially worth a lot to a collector)
Modern factory blades a few places manufacture them modern steel is leagues above what traditional japanese swordsmiths had to work with so they're not as fancy but potentially you can get a lucky find most the time they will have a feature like acid etching to imitate a hamon line created by the clay temperment process of traditional blades.
My one of these blades not the best or any fancy additions but its solid steel and has a good temper. One imperfection a slight angle to it from where quality control bent it to ensure it wont snap at a certain angle not sure if I want to fix it or leave it as is because I've sort of grown to like it in a way like a personality trait its just part of what it is. Picking it up I'd call it light, holding it in a stance and using it for a length of time I wouldn't.
iaito's usually come blunted for practice purposes I really know nothing about the quality of those types most of my research in the past has focused on sharpened ones.
edit.. just don't forget to oil it.