Normal people get by just fine with crappy steel, so I would say it doesn't really matter much. I spent a long time with AUS8 as my EDC, never worried about edge retention until I started looking at sites like this one and watching certain YouTubers.
I think I'm well beyond 'normal', I'm an hard user who has destroyed a lot of different steels, and found a home with the budget steels that people write off as being bad for whatever reason.
I'm still yet to see anything from anyone that tells me why they're supposed to be bad aside from edge retention.
I have a few key points that make a knife worthwhile for me.
Firstly, a degree of toughness. D2 doesn't fit this despite being a budget steel, it's far too brittle. As are most of Crucible's powdered steels.
Secondly, ease of sharpening. S90V, S20V, S110V, ZDP and Elmax keep a fine edge for a long time, but for the life of me, I can't sharpen them back to anything like a factory edge without toiling over the blade for an hour, sure, I'd need to sharpen less often, but I don't feel it adds up. (I haven't owned knives in all these steels, only some, but I've handled them all and tried to sharpen them for friends, co-workers etc).
Lastly, price. If I spend $100+ on a knife, I tend to baby it until it gets that chip or blunts and I scuff it up trying to get a decent edge back. Also a work knife will on average last me 6 months, give or take. I tend to lose them, give them away or break them.
The downsides of budget steels are that the general quality of the knife is also budget, maybe it's not all that well designed, the fit and finish is a little trashy, the materials (screws, scales, locking mechanism, etc) aren't good quality, the action blows, the ergonomics are a nightmare, it's rarely locally manufactured and so on, and you have to navigate that minefield and find the good ones through trial and error. But they are out there. Spyderco Tenacious being an obvious starting block.
Man, I think this thread has only solidified my opinion.