Bearing races are made from either a carburizing grade (usually SAE 8620) or a through-hardening high-carbon steel (SAE 52100, which is 1.00% chromium and 1% [100 points] carbon). 52100 will harden up nicely for cutting tools. It's a good clean steel and it's quite strong.
However, for the record, I doubt if it will cut one bit better or last more than slightly longer than carburized low-carbon steel. Like plain-carbon steels, its tempering temperatures are quite low, so it won't take any heat in cutting without going soft. The chromium content may increase the wear resistance somewhat.
-- Ed Huntress