I am not an expert, but I will share what information I have gathered.
420 is in the same family of stainless steels as 440. Sub-families are identified by letters - A, B, C...J....etc.
420 has been used by many knife manufacturing companies for a long time, mostly because it is easy to stamp and heat treat.
IIUC, it will not harden as well as 440, nor hold an edge as well, but is still ok for knife use.
Custom knifemakers don't use it much because it has to be purchased in rolls, or large sheets. It is cheaper than 440.
There ya go - somebody will probably come along and correct me, but that's how I understand it.