Graham is absolutely right.
There will come a time when a particular tool, not in the “standards” is needed. A tool of a particular form, perhaps., such as a special chamfer or radius
You won’t be able to grind a carbide insert, so HSS has to be way to go.
I am a fan of Tangential Turning Tools (But use carbide inserts for roughing or boring, or on hardened materials, but for most turning and facing jobs this is what is used. There is only one face to grind, and in terms of cost ,is extremely economical. The cost of a HSS toolbit is about the same as one carbide insert, but can be reground many times. My Tangential Turning Tool dates from before 2019, and I am only on my second short piece of 1/4″ HSS toolbit, which is not yet worn out by any means.
I can take cuts with it from 0.050″ down to 0.0005″. Carbide does not work well with tiny cuts, or withstand the occasional accidental bang. I do not get on with brazed carbides, they seem to chip more easily than inserts.
And I don’t have to worry much about dropping a small retaining screw into the swarf!
My 3/32″ x 1″parting blade is over 30 years old, (And second hand when given to me) and not worn out yet. It has been used in a rear toolpost on a second hand Myford ML7, and has now been on a shop made, 4 way indexing rear post, for 20 years. It is mounted inverted, on centre height, and has no top rake.
A 2mm inserted parting tool, in the front 4 way toolpost had so many dig ins that the holder eventually distorted and is now useless.
As an Apprentice, we were taught how to grind knife and other tools, and soon learned what could be a “jack of all trades” or needed to be ground specifically for a particular material.
You can regrind HSS at 9 pm on a Saturday night, when no one is open to sell you a replacement tip!
For most work, a suitably ground HSS tool suffices. Carbide comes into its own when the workpiece is hardened, or work hardens, or when needing to cut a thread form accurately.
Purely my experience, others will be different
Howard