Combine steak and soy sauce in medium bowl, cover & refrigerate while preparing other ingredients. Whisk hoisin sauce, water & pepper flakes together in small bowl.
Heat 2 t oil in large nonstick skillet over high heat until just smoking. Add half of steak, break up clumps with wooden spoon, and cook, without stirring, for 1 minute. Toss steak until browned around efges, about 30 seconds. Transfer to clean bowl. Heat 2 teaspoons oil in skillet until just smoking and repeat with remaining beef.
To now-empty skillet, add remaining 2 t oil & heat until just smoking. Add snow peas & cook, stirring once or twice, for 2 minutes. Clear center of pan & add garlic and ginger. Cook, mashing garlic mixture wiht back of spatula, until fragrant, about 45 seconds. Stir garlic mixture into snow peas, then toss in steak. Whisk hoisin sauce mixture to recombine, pour into pan, and cook until thickened, about 1 minute. Stir in cashews and transfer to platter. Serve
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