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).

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.

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.

Seco’s miniature end mills also have numerous application areas – such as creating molds for toy soldiers and components for watches and jewelry.

Imagine an end mill as thin as a light-weight fishing line or the cotton thread you use to repair clothes. What possible uses could it have?

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.

Under such circumstances, it’s essential that the end mill is reliable and delivers optimum performance. “A lot of manufacturers in the mold and die sector are running their machines unmanned overnight,” he says. “If there’s a problem at the beginning of the process, that time will be wasted. Our new range of miniature end mills are very reliable and there’s now a much higher chance that you will get a high-quality workpiece.”

Far more than you might expect, according to Massimo Paletta and Ruud Zanders, two Seco experts in the field of micro machining. Seco’s range of miniature solid carbide end mills and ballnose cutters can be found in just about every industry and are used to produce products we all use every day.

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

“These tools are so small that when they are running you don’t hear anything or see anything with the naked eye,” he says. “When the process is finished, you take the workpiece out and check with a microscope whether it’s good or not.”

Massimo says the future for miniature end mills is bright. “There’s a growing trend for 3D printing and powder metallurgy parts being manufactured very close to the final shape,” he says. “In the future, there will be less of a focus on roughing and more of a focus on finishing, and miniature end mills will be a part of this.”

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:

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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“Our range includes end mills from 3 millimeters in diameter right down to 0.2 millimeters,” explains Massimo, who is an application engineer. “You can find them in use in the mold and die industry, being used to create electrical components, and in dental and medical applications. When you sit in a car, the electrical connectors, the circuit boards and parts in the engine and steering systems have probably been made using miniature end mills. We sell to every market segment.”

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.

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.

Ruud, who is Product Manager for Solid Milling, explains that Seco’s JM500 series ranges are made from micro-grain tungsten carbide that is precisely ground. “The toughness of the carbide combined with the properties of the SIRA or aluminum chromium nitride coating make these tools ideal for use with ISO S, P and M materials,” he says.

Imagine an end mill as thin as a light-weight fishing line or the cotton thread you use to repair clothes. What possible uses could it have?Far more than you might expect, according to Massimo Paletta and Ruud Zanders, two Seco experts in the field of micro machining. Seco’s range of miniature solid carbide end mills and ballnose cutters can be found in just about every industry and are used to produce products we all use every day.“Our range includes end mills from 3 millimeters in diameter right down to 0.2 millimeters,” explains Massimo, who is an application engineer. “You can find them in use in the mold and die industry, being used to create electrical components, and in dental and medical applications. When you sit in a car, the electrical connectors, the circuit boards and parts in the engine and steering systems have probably been made using miniature end mills. We sell to every market segment.”Ruud, who is Product Manager for Solid Milling, explains that Seco’s JM500 series ranges are made from micro-grain tungsten carbide that is precisely ground. “The toughness of the carbide combined with the properties of the SIRA or aluminum chromium nitride coating make these tools ideal for use with ISO S, P and M materials,” he says.Seco’s miniature end mills also have numerous application areas – such as creating molds for toy soldiers and components for watches and jewelry.Ruud explains the one thing users in all sectors face are challenges around machining on such a small scale. With the smallest Seco end mill just 0.2 millimeters, high-magnification microscopes are needed to check the results of milling, the depth of cut can be as little as 0.005 millimeters, and chips are often just 0.01 millimeter or smaller.“These tools are so small that when they are running you don’t hear anything or see anything with the naked eye,” he says. “When the process is finished, you take the workpiece out and check with a microscope whether it’s good or not.”Under such circumstances, it’s essential that the end mill is reliable and delivers optimum performance. “A lot of manufacturers in the mold and die sector are running their machines unmanned overnight,” he says. “If there’s a problem at the beginning of the process, that time will be wasted. Our new range of miniature end mills are very reliable and there’s now a much higher chance that you will get a high-quality workpiece.”Massimo says the future for miniature end mills is bright. “There’s a growing trend for 3D printing and powder metallurgy parts being manufactured very close to the final shape,” he says. “In the future, there will be less of a focus on roughing and more of a focus on finishing, and miniature end mills will be a part of this.” Seco's Micro Machining Solid Carbide End MillsIncludes: End mills and ballnose cuttersMade from: Micro-grain tungsten carbide with a SIRA coatingDiameters: 0.2mm to 3mmApplications: Mold and die, electrical components, dental and medical, and a wide range of industries focusing on stainless steels, titanium alloys and steel.

Ruud explains the one thing users in all sectors face are challenges around machining on such a small scale. With the smallest Seco end mill just 0.2 millimeters, high-magnification microscopes are needed to check the results of milling, the depth of cut can be as little as 0.005 millimeters, and chips are often just 0.01 millimeter or smaller.