Superior steels tend to hold their edges longer, be rust and corrosion resistant and will have various degrees of hardness. (They will stand up to more abuse) Outside the hype that’s generally all there is to it. I have lower quality knives that can take an excellent edge but will get dull after cutting a few strips of cardboard. My Falkniven (laminated G10 IIRC) holds a razor edge and under normal use will hold it for a lot longer. When dressing game, filleting fish and doing general camp chores it makes a huge difference.
If you only carry and use a pocket knife for light use when hiking or EDC you won’t notice much of a difference honestly. I EDC a normal old Swiss Army knife and it’s fine for light work. If you want your knife to chop without chipping, baton without bending, skin without constantly getting dull and never rust when you don’t have time to wipe and oil it constantly then yes. The high end steel is worth every penny.

Ever pry something with a cheap Walmart screwdriver and have it snap? And then wish you just bought a good one from the get go? Same thing.

The downside is that the high end steel usually requires special sharpening stones.