Yep, it's a steel rim and a steel center with (I think) a rubber center section. The shell moves slightly to absorb vibrations, I'd assume. It's very small both in mass and diameter though; I can't think it'd make much difference...other than making it difficult to get at the guibo bolts. The e30 seems to be a slightly different design though, it's retained by the transmission output yoke nut.
I'd post a diagram but I'm having trouble getting to RealOEM. I hope it's not down for long.