Once we actually start applying the terms to edge and defining "edge stability," (and leaving aside contributing variables from wear-resistant carbides for a few minutes) things get a little tricky.
For example, you ask "would you rather have a more ductile=tougher edge or a harder=stronger edge?"
If I'm a butcher who swipes his knife on a steel every twenty minutes, I guess I'd go for ductility. I don't care if the edge rolls; swipe-swipe-swipe, good enough for another pig. Don't want chips, those will slow me down, but 54HRC and a wobbly edge is good enough to cleave tendon from bone.
For nearly every other use for a knife in my experience and from my understanding of the metallurgy, edge geometry has far more to do with results than the hardness/ductility tradeoff.
If I'm using an edge as a razor, it doesn't matter whether the blade chips or cracks, if anything happens to the edge I have to fix it or it'll give a bad shave. If it takes more bad accidental abuse to chip my edge compared to a ductile edge that would have rolled with less abuse, so much the better. Sure, you can shave with a rolled-then-stropped edge... but why? Just make the edge harder so it can take more force and be careful with the razor!
If I'm making a splitting axe, I want it to survive and not crack from stress... but that's not a function of ductility, that's all about how carefully the steel was worked, right? The amount of abuse an axe can survive has more to do with geometry and little to do with hardness-vs-ductility. Design an edge that can support the kind of chopping you want to do, period, and run the steel as hard as you can (safely) to make it stronger. If it chips, you're not chopping with it carefully and you would have rolled the edge badly anyway.
Am I wrong about stress and hardness in a splitting tool? (I never thought to check on hardness of axes growing up; I definitely hated sharpening out rolled edges just as much as chips, but in either case it was my own damn fault, LOL. I'd guess they were made soft so you could sharpen them with a file.)
A "bushcraft" or "camp" knife nowadays is trying to meet a strange mix of these use cases: people want them thin enough to shave/carve with, stiff and heavy enough to split with, and easy to sharpen in the field.
That last quality, sharpenability, is one that doesn't often come up in metallurgy tough-vs-hard discussions, but is it the real tradeoff with hardness? In an era of fancy abrasives and super-carbides I don't think twice about asking for/making the hardest carbon steel blades I can get (corrosion is the bigger boogeyman), but is that a long-ago tradeoff consideration that's still lurking behind these discussions?