The little bit of vanadium in CV isn't enough to form significant carbides in the steel. In the fractional amount seen in CV (0.22%), it mainly serves to refine grain. This is part of what enables it to take such fine edges (it does). Vanadium carbides are very hard and wear-resistant, but in order to form them, vanadium needs to be present in much larger quantity (above 1% is usually where you'll start to see noticeable difference), to significantly improve wear-resistance, in combination with high or very high carbon. This is generally true with chromium content as well; chromium carbides won't be significant without much higher levels of chromium in the steel, in combination with very high carbon content (over 1-1.5% or more). Think of 440C, and especially D2, which have fairly high levels of both carbon and chromium, and therefore form significant chromium carbides. That extra wear-resistance makes those steels more challenging to sharpen up, as compared to CV/Tru-Sharp and similar steels.
CV's edge-holding is more about the somewhat higher carbon in the steel, as compared to Tru-Sharp's carbon content, which is lower (CV's carbon = ~0.86%; Tru-Sharp/420HC's carbon = ~0.46%). Carbon is what makes steel hardenable by heat-treating, and more so with more of it.
The relatively low wear-resistance of CV is most easily seen in how simple it is to sharpen up on most any abrasive, including natural/Arkansas stones, which wouldn't do much at all if vanadium carbides were present in significant quantity.
One thing that's interesting and impressive to me is, both CV and Tru-Sharp feel/look almost identical in terms of how easily they sharpen up, using the same simple tools/methods. Both will take very fine edges. Choose based on need/desire for corrosion resistance; either steel will otherwise perform pretty well in the types of typical tasks & uses expected of traditional pocketknives.
David