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Some are made of very high quality casted iron, even then, it may break after some rotations, plus at that speed and because its friction, it would take a funny shape fast once heated a bit, worsening its travel chances.
Nice myth though, the speed for an object of that mass is possible, for short distance indeed.
Cool story bruh
The story is true. Whether or not it reached outer space can be questioned, but it was no ordinary manhole cover. It was part of an early attempt at underground detonation. A 500ft deep hole was bored, and a nuke was lowered in and detonated. Instead of an explosion of earth it produced a jet of fire that shot hundreds of feet into the sky. They tried again, this time capping it off with a 2,000lb cap of armor plate placed directly on top of the bomb, 500ft down. Like a massive rifle with a bullet weighing a ton. This detonation launched the cap at an estimated 150,000mph, and it was never recovered.
As far as drag, space is a vacuum. There would be no drag after leaving earth's atmosphere. I say it's possible it broke free of our gravitational field, and is on it's way to another galaxy as we speak.