When a piece of steel is bent, the strain that it induced through a given reflection is proportional to the thickness.
So for example, if you took a piece of 1095 1/4" thick, and one 1/8", with the same heat treatment, you would find the 1/8" one bent *MUCH* further before breaking.
This isn't because it is more ductile, or tougher, it is simply that the steel itself has to stretch less to achieve the curvature, if you want to look at the math, calculate the difference between the inner and outer radius and you will see it is greater the thicker the steel, and thus the strain it greater.
On laminates, the fully hard blade is only 1/16" thick, or even thinner, and thus even when full hard comes until little strain when flexed. Take a hacksaw blade, full hard and see how far it bends before it breaks. This isn't because M2 is tough, it never comes near the yield point because of the thinness.
Similar issue with soft spined blades.
of course what you lose with such blades is overall strength, the blades as a whole get *much* easier to bend, how much depends on how much of the blade is left full hard. Some japanese blades get trivial to bend as only a thin strip is left hard and the body can be annealed steel, I have seen some blades be so weak you can slap them off a lg and they will bend around it and stay bent.
-Cliff