It all depends on your failure mode. If you are losing your edge to deformation then you need more strength. Either higher hardness steel or a more obtuse edge. If you are losing your edge to wear you need more wear resistance. If your edge is chipping you need more toughness. Edges can of course see mixed modes where you want a combination of strength, toughness, wear resistance, and corrosion resistance.
is it fair to say that some steels will have higher tested toughness at a given hardness and still fail at the fine edge? I *think* that what I accounting for is that above a certain level in woodworking, our cuts are fairly controlled and we don't do things that introduce relatively random or varying forces. Chisels are used mostly straight in, and plane irons are used without battering them, occasionally running into something that would test strength or toughness (knots or dirt or silica in wood). I'm curious as another more academic fan than me is asking if my comments about fine edge holding and "strength" in regard to things that make razor steels hold a fine edge are an attempt to make up a new type of measurement (as in "make up hot air"). I'm also curious as I've started making chisels at a high level, why I prefer things like file steel (which is probably 1.1-1.2 carbon steel, but otherwise fairly plain) - I like it because it can attain high hardness and hold up well, but it's fair to say also that abuse levering, etc, can cause edge failure.
Strength is the term that I use for the fine edge to not be moved easily, as in, I think I'm chasing strength with enough toughness rather than high toughness with strength just over the bar. And the enough toughness doesn't need to be much. And that there's a fairly simple other issue that you outlined well with blue steel (which I've seen in tools) that if you add random large carbides, it can confuse the issue a bit by making fine edge holding poor due to evacuating carbides.
I saw a chart that showed "strength" measures with a ductile steel and one considered "brittle". the latter meets the level where it deforms permanently and then fails quickly, the former may meet the point where it deforms a little more easily, but then has a long range of deformation before it fails. In woodworking, we would prefer whichever one deforms or chips least easily because folding or chipping- either requires resharpening.
One final question about AEB-L in this context - it may be outside of your wheelhouse. If AEB-L can hit 63/64 hardness and still be usable, would your expectation be that its fine edge holding in something like cardboard slicing or shaving would be as good as 26c3? Subjectively, with lower carbon, I would expect the razor edge to fail first in AEB-L, even though it's the same hardness and probably would attain a higher toughness measure. This is on a sliding scale, as AEB-L would dominate this test vs. something with coarser grain, but when I make chisels that are at a hardness where both should work well, the higher carbon of the two seems to do better with initial edge behavior - once it's worn off, then both are the same.