True,.............. but why do it? Titanium has good corrosion resistance and good strength at elevated temperatures when compared with aluminum. That's why the SR-71 aircraft is mostly titanium. But the SR-71 is not something you'll likely see at your local gun range.
Generally speaking, the typical aircraft alloy of titanium is difficult to machine. Titanium is also not as strong as many steels on a strength-to-weight basis, so a Titanium receiver would have more volume than a steel receiver and, most likely, be heavier. Plus it's expensive and a DIY gun guy will probably be shopping for a chunk too good for some aerospace company to toss in the trash bin, but since this stuff isn't usually sold at the local Ace hardware, the exact alloy is not something you can get too picky about.
I'm not privy to the exact design requirements for a safe receiver and I suspect most of the ones we see on the firing line are well over built. But where they are overly strong and by how much is the question, especially when someone who owns a mill and a lathe decides to make one out of alternative materials. When the goal is to make one really really light, you may find your normal flinch getting worse when you pull the trigger on a hot load.
Furthermore, while hunters like light weapons when it comes to marching around the woods, studies show that guns which are too light are more difficult to aim properly. Of course, when it comes to bench rest or F-class style shooting, weight isn't an issue since heavier is generally regarded as better and the rules set the maximum weight plenty high enough. In other words, there is no 2 pound rifle class, at least that I know of.
So my question is, why go to extreme lengths to use a material which may not actually be suitable for the task when the end result (a very light gun) may not be as good as a heavier one? Plus, the weight savings for a light receiver isn't all that great in the first place. Reducing the barrel length and/or diameter would yield more weight reduction and the effects on accuracy and safety are well understood. And barrels of most any size and shape are available at good prices.
I suppose if you needed to take a gun to mars, an exotic receiver might be a good approach, but otherwise, I don't quite get it when it comes to making exotic receivers.