Yes, some good info. above, also to add: Think microscopic...IE Whatever the cutter material is, whether it's HSS, Carbide, Ceramic, Bonded Diamond....the regrind (final sharpening/machining resulting in edge) also needs to be considered....like the grit of a wheel
Any wear surface will outperform and last longer the better the finish is...
Thinking "microscopic" I mean a "sawtooth" effect along any cutting edge will wear off many times sooner leaving "shiny" (dull)
...also to add; Even "light brown" (using color as a heat indicator) to any hardened steel starts annealing its hardness, blue is worse, then the reds
It's the action of quenching high heat (blue...or yikes! the reds) immediately that brings the steel back up (but more brittle and not as tough)
...ifn' you, say sharpen a HSS toolbit or drill and get it a dull red then let it cool slowly in room temp. mid air, it can't help but drop in hardness...putting it on a pc of cold steel that acts as a heat sink is better...and again quenching is better yet (but again; consider brittleness and toughness)...
...when talking tool steels, we're mostly talking about the carbon, man!