I will give you this analogy. If you take a big scoop of sand and rocks from the river and make concrete....there will be large and small rocks in it....and they will be distributed randomly. Some places the concrete will be ( literally) rock hard, and some places softer. The structural strength will vary ,too. It will be hard to smooth out, and will look bumpy.
Now if you take fine, sifted sand,and do the same thing...the concrete will be smoother, have even hardness and strength...and finish much easier.
In (C)PM steels, the steel is reduced to a very fine dust and fused together to make a 100% compression ( no voids). This evenly distributes the carbides and alloy ingredients, and yields a small grain size. The resulting blade should have less edge chipping, a smoother surface ( polishes better), and much less chance of a failure following a large grain boundary.
When available, CPM is always the better choice.
Now, all that does not mean that a non-PM blade is junk. ATS-34/CM-154 and CPM-154 are the same steel, and both make great knives. The CPM just gives it a little more after the HT. Same goes for D-2 vs CPM-D2. Properly made and heat treated, they both are superb. The biggest difference is often in finishing ease.