You are right. I did not say that Geometry is the only factor making a good knife . I only wanted to say that Geometry for me is the leading factor. Of course when all contributing factors to a good knife for you come together it is always better!
When the steel is in such bad condition as you describe only the waste bin remains as the last resort.

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By the way ( speaking about Victorinox) I give to anyone on a tight budget who is asking me what kitchen knives I would suggest the Victorinox FIBROX serie. A good example of cheap good stuff if you do your part in the geometry/ sharpening/stropping area. Even a much better suggestion for many people than a 400 dollar Japanese “ high quality , high hardness” steel knife.