HSS (High Speed Steel) is heat treated Steel, they work OK in mild steels, non-ferrous metals & wood.
Cobalt is yellow in color and holds an edge longer than HSS
Solid carbide is many times better than cobalt & HSS, but its brittle & brakes real easy! Carbide comes in several grades, C1 being the softest, C5 being stronger & tougher, C7 and better is used in hammer drill bits to cut through stone!
The el-cheapo carbide is usually too soft, and loses it's edge too fast!
Re-ground or Re-sharpened bits can be problematic, as the cutting edge geometry or relief angles aren't always correctly done! Too thin an edge breaks down, too thick an edge can''t take fast feed rates!
Widgit