Last time I made tools that were used in high speed rotation devices, I nearly lost two eyes.
One piece of metal was stuck in the safety goggles, the other piece went through and lodged itself in my contact lens.
I'm fine with using DIY hammers and all, but dremel/drill bits are a whole other thing.
Does it cut wood.....looks like it does. But it will never be as good as a balanced carbide tip bit. Sometimes it's worth spending $30-$50 bucks to buy a real bit.