No. A cheaper steel means a shorter interval between sharpenings, not a bad knife. Geometry, heat treat, fit and grind all affect how a knife performs more than the alloy name does, and a well-made knife in 8Cr13MoV will out-cut a badly made one in a premium steel every day.
Grind first. A thin, even primary bevel means less material to push aside on every cut, which is what "cuts well" actually means. Then heat treat, which varies more between makers than the specification chart shows. Then fit and finish, which determines whether the knife is pleasant to use.
Steel alloy affects one thing directly: how long the edge lasts before it needs attention.
Budget steels sharpen fast on cheap equipment. Premium steels sharpen slowly on expensive equipment. If you sharpen your own knives, that trade often runs in the budget steel's favor in daily life.
If you would rather sharpen twice a year and cut abrasive material daily, pay for carbide.
Very low-carbon steels like 3Cr13 at under 54 HRC genuinely will not hold a working edge. That is a real limit, not a snobbery point.
Above roughly the 8Cr13MoV line, most steels are fit for purpose and the differences are about convenience rather than capability.
Every steel we stock, with its published composition, hardness range and the trade it makes, is documented in the Steel Lab.