While you can work harden steel, obviously, you can also weaken it doing the same thing. Steeling the edge causes a bent piece of steel to be bent again to straighten it out. This causes a fold line in metal which means the next time it will be easier to bend. You can see this quite readily as you need to steel more and more after each chopping session as the edge will have folded more each time until you are forced to resharpen it on a hone.
This is one of the reasons (edge weakening) that before I go do any serious work, say where I know I am going to do more than an hour or chopping or so, I take a ceramic rod and wipe it along the edge a few times to remove the weakest part of the edge. This makes the edge much more durable.
The shock of chopping I don't think has an effect on the blade as a whole, as I think you need to cause a perm. displacement for this to happen. It will of course fold / roll the edge, and while this does make the steel harder along the fold line, it does make it weaker in the plane of folding.
-Cliff