Tungsten carbide proper is actually a ceramic. Tungsten carbide as the term is commonly used is a sinter formed of tungsten carbide particles and Cobalt metal particles. The ratio of the two is varied to alter the necessary mechanical properties.
Regarding Arkansas stones, yes they are still very useful for carbon steels, not so much for the steels containing many harder carbides. I use mine all the time for old school pocket knives (like Case, etc.), lower hardness simple alloy kitchen knives, chisels and straight razors
That's interesting that you mention the use of Arkansas Stones for sharpening Straight Razors. However most of the straight razor hones I've collected over the years don't seem to be made with novaculite. Whatever abrasive they used in most of those Straight razor hones is extremely fine in most of them I've collected over the years. I have 4 of them made by "Columbia" who I assume must have made Straight Razors themselves. I've also seen a lot of the stones for straight razors made by Keen Kutter too. But I've never been told what exactly they use for straight razor hones.
Personally for my own Straight Razor I've been using my Spyderco, Ultra-Fine, model 302 Benchstone and having very good results too I might add. But I'm wide open for suggestions if there is anything better out there. I would imagine that novaculite and especially the really fine/hard grades of it would work well with the older Razors but the newer alloy razors made by Boker and J. A. Henckel I would think would need a much harder abrasive?