The use of sub-zero/cryo for stainless steels is to reach the Mf, which is the bottom end of the quench when all austenite is converted to martensite. This is a theoretical point, and in real world quenching, there is almost always some amount of austenite left.
For carbon steel the Mf happens somewhere between room temp and 200F, and thus sub-zero treatments do little or nothing.
For stainless steels Mf happens around -100F. This requires the sub-zero bath. If the quench on stainless steel ends at room temp, the amount of RA will be higher. It isn't enough higher to make the blade a "bad" blade, but with the finish of the quench at -100F or lower there will be more martensite and less austenite.
The temper cycles are for the same reasons whether carbon or stainless. The first temper converts the brittle martensite to tempered martensite, as well as converts any RA into new martensite. The second temper converts the new martensite into tempered martensite. You will get a variety of opinions from knifemakers about how much RA there is, and the value of a second temper...but the overall consensus is that a sub-zero bath is beneficial on any high alloy or stainless steel, and that two tempers are better than one. In some very high alloy steels, a third temper makes a slight improvement. I see more people reference to a single temper, but metallurgically, I feel two are still better. Again, the blade won't be a crappy blade with one temper, and you might need a lab to tell the difference, but if never hurts to err on the side of better.
Sub-zero, at -100F, is what a dry-ice and alcohol bath provides.
Cryo , at -300F, does the job of reaching the Mf, and also make some changes in the carbides. There is disagreement about the benefit of these changes, and about the permanence of them....but the end of the Mf is the major point of cryo.