I have to admit that I don't manually drill holes very often anymore. So as an experiment, I just went out to my shop and dug around some and set up some drilling experiments. I used two drill bits, one a cheep "Craftsman" drill bit, HSS, and the other a production quality, no-name "made in USA" cobalt with a really thick web.
My "drill press" was set for 1100 RPM, so I left it there. I also didn't use coolant or oil of any kind. I setup a big nasty chunk of 1018 CRS in a vice, that has proven itself to have hard spots in it (2" X 3" cross section, for some reason the thick stuff is worse about hard spots). Both drills made short work of turning it into swiss cheese. I set the quill stop to 1/4". I drilled a bunch of holes, 3 to 4 seconds per hole, 1/4" deep. No problem.
I then went to my knife grinder and ground the tips off, and resharpened them free hand on a clapped out 120 grit belt. It took me two attempts with the thick web bit because it requires a split point due to the web thickness, which took me two tries. Time to completely resharpen a bit? About 20 seconds. The bits tend to walk a little bit after resharpening because of an imprecise web, and I'm sure the hole isn't quite as perfect. But both bits drilled without problem.
Next challenge: 3/8" 6-6 titanium (6-4's big brother). 180KSI yield point, high hardness titanium. Just for grins I left the RPM at 1,100, and attempted to drill without pecking. I would normally run this at 600 RPM, and use coolant, but just for grins. The bit goes halfway through, then the tip glows and cutting stops. Both bits are this way. So I repoint them (about 30 second total) and do it again with pecking to allow the bit to cool. Both bits can get through 3/8" 6-6 ti in about 10 - 15 seconds. I put it in back gear which drops the RPM by 90% and can drill them without pecking. I made swiss cheese out of that titanium in a couple minutes
While I was out there, I tried a carbide tip concrete bit. I don't know the brand, but it was made in Germany. It made a dimple and stopped cutting. Pure junk for this.
I'm not turning real slow. I'm not using oil. I'm feeding hard and letting off as the bit starts to exit. I'm not letting the bit sit there and rub or squeal or chatter.
There is no reason a knifemaker using a decent quality drill should have any problems at all drilling dozens of holes in unhardened steel with a regular HSS or cobalt HSS, drill bit. Feed harder - peck or use coolant if it is getting hot (blue chips) - let off when it starts to exit. If you are drilling a large hole, drill a smaller pilot hole the size of your web first.