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I did find this handy description but it focuses on drilling in metals, not wood, and is, therefore, off topic here. I'm sure some of it translates to wood working, but I'm not sure exactly how. At this link, they state:

However, they have nothing to say about Cr-V, so I don't know if Cr-V, while apparently a popular material for wood-boring bits, is considered a more or a less economical choice, and whether it's better suited for wood drilling than HSS

AS already mentioned above, HSS should be a better material for making drill bits out of because it should be harder. I have owned bits with HSS stamped on them that were definitely not great bits.

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You are comparing "apples to oranges". They are dramatically different ; HSS will cut steel while red hot ( in a dark room , 1100 F), and contains roughly 20 % alloys. Cr , V is a low alloy tool steel ( like grade L-2) and contains less than 3 % alloys . The V carbides will hold an edge longer than other low alloy tool steels , but not to a degree that a craftsman could notice. An indirect comparison is that HSS is hardened by oil quenching from about 2200 F and tempered at about 1100 F. Cr, V is hardened by quenching from 1600 F into oil and tempering at about 350 F ; I understand this info is no value to the user but it indicates these are significantly different alloys. If you are drilling wood , the Cr, V are fine . I you want to drill more than a couple holes in steel ,pay for the HSS.

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I need to purchase a set of brad point bits (all I own are split point). I see some that are High Speed Steel (HSS) and others made of Chrome Vanadium (Cr-V), and I'm not sure how much the steel should factor into my purchasing decision.

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Step drill bits are good for drilling metal up to ¼ thick as well as wood. The beauty of these cone-shaped bits is they enable you to use one bit to drill ...

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For brad point bits, the design and quality of production process are more important than the material when it comes to the quality of the hole. The quality of the material (given the same design) would contribute to the lifespan between sharpenings. Lifespan can also be dictated by the material you drill and the number of holes you drill(obviously).

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High-Speed Steel (HSS) is a popular material good for drilling into soft steels as well as wood and plastic. It’s an economical solution for most maintenance drilling applications.

I know it's not just a matter of "cheap ones are HSS and expensive ones are Cr-V" (or vice-versa) - I see that a highly rated brand has individuals and sets in both materials and the prices are similar for similar sized bits.

If you will be drilling a few holes in soft/hard woods then don't worry too much about the bit material. If someone has shown you that they drill nice clean holes then go for it. If you are planning to drill thousands of holes in wood, MDF or plastics (plastics tend to generate more heat when drilling) then go for HSS (or if you're planning on living for a long time without buying more drill bits). You certainly don't need two sets of the same drill sizes in different steels.