I find it a bit easier to explore this in terms of stiffness.
The strength of a cross-section to bending is
$$M_R = \dfrac{f_yI}{c} = \dfrac{\epsilon_yEI}{c}$$
where $f_y$ is the yield stress, which is itself equal to $\epsilon_yE$ (yield strain times elastic modulus); $I$ is the moment of inertia; and $c$ is the largest distance to the centroid (half the height, in your case).
Now, we can further simplify this by defining stiffness as $K = EI$.
$$M_R = \dfrac{K\epsilon_y}{c}$$
So, the bending moment for a section is linearly proportional to its stiffness $K$, its yield strain $\epsilon_y$, and inversely proportional to $c$. (Obviously, $c$ and $K$ are related since both are a function of the section height)
Now let's focus our attention on $K$. It is a simple product of two independent variables: $E$, which describes the material, and $I$, which describes the geometry. However, $K$ doesn't really differentiate between them: if we have two beams A and B, where A is made of a material that's twice as hard as B, but B's inertia is twice that of A, then they will have the exact same bending strength.
This means we can play around with the actual values of $E$ and $I$ that we use in our beam if we want. Specifically, we can use this to transform a composite beam into an equivalent uniform one.
In your case, you've replaced some wooden parts of the beam with steel. You can then change that steel back into "wood" as long as you modify the moment of inertia of those parts accordingly. This is done by "widening" those segments by $\dfrac{E_s}{E_w}$. Equivalently, you could pretend the whole beam is steel and then "thin" the wooden segment by $\dfrac{E_w}{E_s}$.
That is, a rectangular beam made of wood and steel plates above and below is identical to a wooden I-shape beam, as below (forgive the sloppiest mspaint job of all time):
