working at a steel mill, I can say for certain cleanliness of the steel makes a really big practical impact
(even tiny inconsistent amounts of sulphur and phosphorus etc make a huge impact in hurting steel performance)
but yes, heat treatment is the biggest single factor
steel composition & cleanliness & consistency (accuracy of formulation) is also required to get something excellent
this is why 12c27 is still used as the most popular (by volume I expect) blade steel
mora uses it (huge volume)
opinel uses it (also quite huge in Eu)
helle uses it (pretty big in Eu)
the best 'value' models in many Chinese brands use it: artisan cutlery biome, the good quality boker multi-tool/saks, bestech spike & thorn & beluga