To build on from
@ferider , toughness does also help with "edge retention" in that it helps prevent edge damage in use. An edge loses sharpness from abrasion, but it also loses sharpness from micro chips, cracks and edge deformation. A steel with higher toughness can avoid such damage better than a harder, more brittle steel that might technically rank higher for edge retention or abrasion resistance. Such a steel can be ground thinner to maximize cutting ability without risking unnecessary edge damage. This all means that steels with a good balance of toughness and edge retention can appear to hold and edge longer in real world use.
For example, AEB-L has a reputation as a great steel for working knives as it is easy to sharpen and appears to hold an edge for a long time. On paper, its edge retention capabilities are middling, but it's very tough. So, makers will often heat treat it at a higher RC to maximize hardness then grind it thin to maximize cutting ability. Since it's very tough, the edge likely won't chip and fracture when you accidentally ding the edge against a plate, staples, work surfaces, rocks and sand, etc. So the end user gets a knife that seems to keep cutting forever and ever despite not having supersteel edge retention.
I think Buck does it's best to ensure the cutting ability of its knives in 420HC by treating it to a sufficiently hard RC and grinding it to a thin geometry, knowing that its inherent toughness will help maintain a working edge for a good while under normal use.
I still prefer steels like AEB-L, 12C27N, and 14C28N, but Buck's 420HC does well enough for the price and intended use.