I see almost no one on this thread has a background as a a machinist or toolmaker. Or understand anything about speeds and feeds. Or what constitutes a cutting tool material.
But there is little difference between High Speed Steel Bits and their cousins that have extra cobalt. But if you have a 1/4 inch electric drill, and are drilling a 1/4" hole in mild steel, there is a very big chance that you are ruining your drill bit edge by using too high an RPM. HSS steel bits with extra cobalt are only marginally more heat resistant. But can run at 3x the RPM as equally hard plain carbon steel drills.
The other sin of the amateur is to use a hand held drill and no consistent feed. As a result the drill edge dulls by skating on the surface without cutting as the user changes the orientation of the drill to off drilling axis.
Drilling is best accomplished on a drill press, hand or machine fed, and a person knows what they are doing can get hundreds of holes in mild steel out of one HSS tool bit before it even needs sharpening. Especially if a spot drill is used to start the hole. Or at a minimum a center punch.
And how the drill is ground depends on the material, aluminum tolerates much higher RPM and rake angles than mild steel. But beware of too much rake in brass, the rake itself can pull the drill into a too soft material causing itself to bite off more than it can chew.
And the smart person with only a drill and a hand held electrical drill will use a drill guide made out of even wood to start the drill into the hole in metal. Just C clamp a wood backing on both sides, and you can start a straight hole much better. If you don't exceed 80 feet a minute speed and get a thin but continuous spiral chip out of both drill flutes, you will know its about right. Back off the feed pressure if you your chip starts turning blue. If even tiny thin chips are still blue, you are using way too fast a speed.