my bet is time saved
First, as a newcomer to wood turning let me be plain, I haven't cut a piece of wood with carbide. I have cut a lot of material with carbide though, from soft plastics to very hard steels. Working in a short run production machine shop that believed in carbide I went through a bunch of it and and I cut things with carbide that were almost impossible to cut with HSS.
I also had my own medium sized lathe and mill at home and used high speed steel almost exclusively. Aside from never running out of inserts, I did things with HSS that couldn't be done with inserts in my opinion, not off the shelf inserts anyway.
Cost per inch of material cut, HSS blows away carbide in my opinion. When either will do I don't think there is any comparison in cost. Then we look at time, time is money or time is pleasure for the hobbyist. Would you rather spend your time sharpening or cutting wood?
Many people have trouble shaping and sharpening high speed steel properly. Poorly shaped and sharpened steel is terribly inefficient and both sharpening and using poorly shaped or sharpened tools are significant sources of injury in shops. Too, most people, myself included, dislike grinding. I'll buy a CBN wheel just to get away from the grit from the soft white wheel. Carbide can be sharpened but most don't. I never have except on a brazed tool so I can't say how it would affect cost to sharpen the inserts. I seem to remember carbide is terrible to inhale but I don't think any of the steel or grit is real wonderful to inhale either.
If we look at straight dollars, something like M4 might be the cheapest for the amount of wood cut. For production time, carbide wins hands down and if time is the issue, how often does someone decide it is time to take a quick break to do something else while they are stopped to sharpen anyway? In a production environment I would make maximum use of carbide just as I think most machine shops do now. The shop only makes money when chips are flying.
As a home turner I have a hard time getting behind carbide, I like shaping a tool to my liking. If I am having an issue turning something I can usually fix the issue with a minute or two at the grinder reshaping steel. Possibly I could reshape an insert but carbide is very brittle and I wouldn't advise changing the structural integrity of an insert nor would I shape a bigger piece of carbide into many of the shapes I have modified high speed steel to.
I no doubt will eventually have some carbide for wood. When I do it will be some of the tools with the carbide angled to shear instead of scrape. Should produce better work and give longer insert life too.
Before closing, one more plus for carbide, we are working with a sharp tool throughout the project so we aren't tempted to stretch a tool that needs sharpening a little further when we are almost done with a step.
Neither is wrong to use, I think HSS offers more on the spot options when you run into issues. Of course a machine shop with a hundred thousand worth of inserts usually has a solution to the problem too.
The above is my opinion based on experience, not a shred of personal research to back it up! 🙂 At the end of the day I am very old school, steel is real!
Edit: I forget, I have cut quite a bit of wood with carbide, mostly in a trim router on my pool cue lathe. Not the same thing as a handheld tool though. To clarify, I haven't cut any wood with a hand held carbide tool.
Hu