There are two approaches at viewing cryo and its effects. The first is well established and quite observable, explainable and measurable, i.e. it is definitely real. This is the use of cryo to complete the conversion of austenite to martensite when, for whatever reason, Mf is below room temperature. 100% conversion is not a realistic expectation with any steel, and even rather simple steel may have as much as 6% retained austenite, while alloys with higher Cr and Ni will naturally have more problematic amounts, until it reaches this point it is often a matter of how much RA we are willing to settle with. If you get a significant jump in HRC from cryo on air hardening steels, this is expected and an accepted part of the heat treating process. If you get the same gains from simple oil hardening or water hardening steel, you can do one of two things- you can go to the extra time and expense of cryo or you can fix what is wrong in your initial heat treatments.
The other approach to viewing cryo is that it can help any alloy due to “unknown” or “unexplainable” phenomena that bears a striking resemblance to pyramid power or Dr. Turlingtons Elixir of Life. In fact, having no set boundaries, this approach doesn’t stop at steel and embraces claims of incredible gains in freezing almost any material- musical instruments play better, ladies stockings no longer develop runs, frozen speaker wires and guitar strings produce better sound, golf clubs hit twice as far, frozen tennis rackets help you play like a pro etc… the panacea effects are indeed endless if you are in this camp, and I am not just making this up each of the above, and many more, are actual claims made by people who sell this approach to the subject. The interesting part is that almost all the research from this perspective has been done by, or sponsored by, people selling the service of this process; a process, by the way, that is so complex and so dependant on highly specialized equipment that only they can reproduce the results claimed…but for a small fee of course.