2 flutes tend to have better chip capacity, so it lends itself to heavier cuts. On harder materials the cuts will be far less, so the feed must be reduced since it has half the number of teeth. So it will work just fine, it’s just less effective.
I prefer carbide for harder steels and non-cosmetic work. HSS is nice for softer materials and for the best surface finish. I have a few razor sharp mills I keep for delicate work.