I have always assumed a model 66 would hold up to the magnums, having been developed after the problems with the Mod.19. Am I incorrect?
Your question is hard to answer. I will address it in a few parts.
Part 1) Is a model 66 stronger than a model 19? If they are of the same era, say both made in 1990, than the answer is no. If you are asking is a 2005 model 66 stronger than a 1957 model 19, the answer is yes but probably a negligible difference.
The truth is that the carbon steel used in the manufacture of firearms is stronger than stainless steel used in the manufacture of firearms. Stainless is popular because it is more corrosion resistant. It saves manufacturers the cost of blue or nickel finishes and customers are willing to pay more for it.
Part 2) Can a model 66 hold up to the magnums? This is entirely dependent on your personal definition of
hold up to the magnums. If you are talking about 3000 magnums per year then any S&W chambered for the 357 Magnum cartridge that has ever been made will give you many years of service.
If you are talking about 3000 magnums per week, then most any S&W chambered for the 357 Magnum cartridge that has ever been made will will need to have parts replaced several times per year.
Part 3) What magnums are you referring to? 110 grain projectiles? 125 grain projectiles? 140 grain projectiles? 158 grain projectiles? 180 grain projectiles? 200 grain projectiles? Perhaps something custom?
As has been stated previously in this thread, projectiles weighing 125 grains and less loaded to full magnum velocity will accelerate forcing cone erosion. This does not mean that the firearm has not held up, it just means that the barrel will need to be replaced. If left unattended this could cause a forcing cone crack.
If you are shooting the heavy weights like the 180s and 200s, you will need to pay constant attention to the screws remaining tight. These projectiles are also known to cause premature wear to various parts of the lock work.