Diver here.
Dive knives are a finicky thing. Seriously, why do you really need one? Defense from animals? Animal attacks on divers other than ones where the diver was messing with the animal, are exceptionally rare. Sharks don't a attach divers for no reason. They smell like rubber and blow bubbles. NOT FOOD! Now, get your ass in a frenzy or catch one and you are in trouble.
So really, you don't need one for defense (unless you have another diver chasing you to kill you aka bond).
Now, what you gonna cut? Got a package to open? That pesky twig needs whittling? Unlikely. The most likely cut will be to cut a line you are trapped in. All my knives (I dove with one folder and 2 fixed in three distinctly different places) have line cutters. I need them to make only a few cuts (hopefully never needed!) to free me from a line I may be tangled in. All three have partial serrations to cut rope. Those are the criteria more important than steel. Edge retention comes next (in case I need to cut a few lines to get free). Let's hope that's not needed ever.
In several hundred hours underwater, including wreck dives, very minor cave entry, muddy water search, clear and murky water spear fishing, the only time I have used my knife was to pry some crap up/off something to see what was under or behind it. Playing, basically. Oh, I did use one to stab a flounder once, to grill later that evening.
The short answer to your question is, most dive knives, due to their composition, will not hold an edge for a long time of use due to their design to not corrode in extended exposures to salt environments. It'll cut shit. But not many times before it's dull.