This is all wrong.
I am not even sure what you mean by stream or how it would be any difference than "read", "write", "read", "write". Because that is literally what cat does, and so does dd.
Many people feel cat is faster than dd because dd's default block size is 512 bytes as you can see from a simple dd command.
strace dd if=10M of=junk
read(0, "\0\0\0\0\0\0\0\0\0\0\0\0\0\0\0\0\0\0\0\0\0\0\0\0\0\0\0\0\0\0\0\0"..., 512) = 512
write(1, "\0\0\0\0\0\0\0\0\0\0\0\0\0\0\0\0\0\0\0\0\0\0\0\0\0\0\0\0\0\0\0\0"..., 512) = 512
read(0, "\0\0\0\0\0\0\0\0\0\0\0\0\0\0\0\0\0\0\0\0\0\0\0\0\0\0\0\0\0\0\0\0"..., 512) = 512
write(1, "\0\0\0\0\0\0\0\0\0\0\0\0\0\0\0\0\0\0\0\0\0\0\0\0\0\0\0\0\0\0\0\0"..., 512) = 512
read(0, "\0\0\0\0\0\0\0\0\0\0\0\0\0\0\0\0\0\0\0\0\0\0\0\0\0\0\0\0\0\0\0\0"..., 512) = 512
write(1, "\0\0\0\0\0\0\0\0\0\0\0\0\0\0\0\0\0\0\0\0\0\0\0\0\0\0\0\0\0\0\0\0"..., 512) = 512
strace cat 10M > junk2
read(3, "\0\0\0\0\0\0\0\0\0\0\0\0\0\0\0\0\0\0\0\0\0\0\0\0\0\0\0\0\0\0\0\0"..., 131072) = 131072
write(1, "\0\0\0\0\0\0\0\0\0\0\0\0\0\0\0\0\0\0\0\0\0\0\0\0\0\0\0\0\0\0\0\0"..., 131072) = 131072
read(3, "\0\0\0\0\0\0\0\0\0\0\0\0\0\0\0\0\0\0\0\0\0\0\0\0\0\0\0\0\0\0\0\0"..., 131072) = 131072
write(1, "\0\0\0\0\0\0\0\0\0\0\0\0\0\0\0\0\0\0\0\0\0\0\0\0\0\0\0\0\0\0\0\0"..., 131072) = 131072
read(3, "\0\0\0\0\0\0\0\0\0\0\0\0\0\0\0\0\0\0\0\0\0\0\0\0\0\0\0\0\0\0\0\0"..., 131072) = 131072
write(1, "\0\0\0\0\0\0\0\0\0\0\0\0\0\0\0\0\0\0\0\0\0\0\0\0\0\0\0\0\0\0\0\0"..., 131072) = 131072
So when benchmarking dd vs cat make sure you are comparing apples to apples.
The beauty of dd is you don't have to tinker with things like vm-.dirty_bytes and vm.dirty_background_bytes before using a command. Those should not be messed with on most systems and should definitely not be messed with for the sake of running a single command. When you use cat, it makes some decisions for you. Most of the time makes good choices but it happens to make not so optimal choices for working with large files being written to other devices or file systems.
To avoid the pitfalls of using cat to copy image files (and not have to change global system settings) you use dd. With dd you can use O_DIRECT to bypass the VFS caching layer so your vm.dirty_* settings are ignored in general. You can also specify the block size optimal for the device you are writing to and even reading from.
While dd may not stand for disk or drive or its name have anything to do with disk it is a powerful tool that is the appropriate tool to use when working with large files, precise movement or data and yes copying image files to devices.