Nja, depends. Many steels work-harden, especially austenitic stainless (e.g. AISI 304, 316 etc). Every cut involves large plastic shear deformation in a thin zone near the surface, and as a result, the freshly cut surface can be harder than the original material. Now, if you take a big-enough chip, the next cutting edge is biting into the material below the hardened zone, but with a very small feed/chip thickness, you will plough precisely through that thin sliver of the surface that the previous cut just hardened. Not optimal.
Increasing cutting speed will increase temperature in the shear zone. In one way, that is beneficial because the strength of the material usually drops with temperature. But: The hardness of the tool drops with temperature as well - edges will blunt quickly (effect: rake down, edge radius up), tool life goes down more than productivity increases. This is much less pronounced in aluminium alloys, because they loose much of their strength at 300°C which isn’t very challenging for Carbide. In alloyed steel, you can easily reach 700°C at high cutting speeds. You may get away with that with very good heat management (high-pressure internal coolant, very small AE or AP), but without, the tool will be blunt after a few inches and start to throw white sparks (meaning > 1000°C).
Most of us have experienced this exact problem: Run a HSS drill at too high RPM in steel, and it will blunt before you make more than a little dent. Happens quickly because the heat can’t get away in this case, and the blunt tool only makes things worse (higher forces, more friction, more heat…)