The original question related to conventional engines with pistons. The piston neither knows nor cares about heat content, all it knows about is pressure. During the admission phase air and steam will have the same pressure, so same work output. During expansion air will lose pressure somewhat more quickly, so slightly less work output, but not massively. Then during compression, the air pressure will rise slightly more, so more work absorbed. If it wasn’t so cold in my dining room where the computer is lurking I’d put numbers to it. Stuart Turner engines built to drawing usually run at long cut off, so no difference air to steam.
For the same cut off and speed the volumetric flow will be similar, but as air is a lot more dense than steam the mass flow rate will be a lot higher. A second order effect of the increased density of air will be higher pressure loss in ports, but unless the engine is running fast I doubt this is significant. As I said before it is possible that at short cut off on air the ports will ice up, but I’ve never seen that