Final answer:
The statement is true; soft iron can become a stronger magnet than hard steel, but it loses its magnetism quickly once the magnetizing force is gone, unlike hard steel which retains magnetism longer.
Step-by-step explanation:
The statement 'Soft iron can be used to make a stronger magnet than hard steel, but the instant the magnetizing force is removed the soft iron loses practically all of its magnetism' is true. This is because soft iron is a ferromagnetic material. Ferromagnetic materials like iron, cobalt, nickel, and gadolinium can be induced to be magnetic or made into permanent magnets. However, soft iron does not retain magnetism well after the external magnetizing force is removed, unlike hard steel which can maintain its magnetism for a longer period, making steel a common choice for creating permanent magnets.
Permanent magnets can be demagnetized by physical shocks or heating, a process that becomes more likely as temperatures approach the Curie temperature. For iron, the Curie temperature is well above room temperature, indicating that it can maintain magnetization under normal conditions until high heat is applied.