Why buy low quality cuts and cook them as steaks when you could be cooking them in casserole, curry or anything that does a long cook at lower heat.
Some varying opinions, sirloin cut is generally a low quality cut in Australia.
My Dad only ever buys ribeye or fillet steaks when he wants steak which I inherited the habit of.
You don't need a cast iron pan to cook steak. That amount of oil is only needed if you use a cast iron pan.
Also doing the ribeye in the oven first is beneficial only if you don't have a gas stove top where you can control the heat.
You should still rest the steak regardless of the cut.
I get the feeling that this video is for baby's first steak.