Is hosting a dedicated server via Steam very different or more involved?
For Steam client users, via the “Tools” menu in Steam, a separate dedicated server can be installed and will show up as another entry in your gaming library. The server will be auto-updated when new Builds are released, completely maintenance-free for you.
So you can choose between user friendliness and manual flexibility, whichever works best for you.
Could you be more specific where to find that dedicated server ? Because when I look into Tools I can't see any rFactor instance: