If we're talking about traditional Japanese high-carbon steels used in hand-forged tools, the master smiths in Japan typically worked with shirogami #1 in the 63-65 hrc range, and when it's forged and heat-treated well, it is truly exceptional stuff (rivaling
some types of HSS for
some tasks). I have some fantastic white steel tools that you will have to pry out of my cold, dead hands (Usui Kinzaburo and Takanbu Ikegami, you're on deck). The problem is, nearly all of those guys are long dead or retired, and their sons and especially their sons' sons went on to be bankers and accountants and have other, less physically demanding, more financially stable careers. So finding good examples is difficult.
In any case, high-carbon is a broad category that encompasses many types of steel, including most high-speed steels, so there isn't a "correct" hardness range for the category, and it certainly isn't 58-60. You're probably thinking of a specific cold tool steel like 01, so let's talk about that. Edge retention with 01 at ~59 hrc is well behind Hitachi's steels, and not remotely comparable to M2, let alone modern powdered high-speed steel and high-end stainless. O1 is soft and rolls over, rather than chipping or developing micro-fractures, when it dulls. It's a good quality if you're making millions of plane blades at the Stanley factory in the early to mid-20th century for tradies who couldn't identify a whetstone if you gave them a lineup, but other than that, it's not a particularly desirable trait in an edged tool.
You do not need to take my word for it, though:
View attachment 610125
Source:
https://knifesteelnerds.com/2021/10...ness-edge-retention-and-corrosion-resistance/ - the vertical axis is edge retention. Note the hardness range, and how steels tested at various hardnesses tend to have better edge retention the harder they are tempered (to a limit, of course, any steel tempered beyond its ideal range is going to be too brittle).
I would love to see these guys test some honest-to-goodness hot-shit white steel forged by someone who knows (knew) what they're doing, but that's probably unrealistic.
As to the idea that HSS tools would be too expensive... M2 is one of the most affordable high-performance tool steels on the market. Usually less expensive than 01. Material cost wouldn't be a significant factor unless we're talking about the more exotic stuff (CPM et al).