The harder carbide is, the more brittle it is. And the geometry for cutting wood is much different than for cutting steel. Both of these factor into why your cheap tools chipped when cutting steel.I have tried using some of these cheap Chinese cutters on steel, just as an experiment, and the corners quickly chipped off. Yes, they are OK on aluminium and plastic. No, they are not OK on steel.
Fwiw, I've accidentally cut steel :nono: with very high quality woodworking tooling, and it'll chip just about every time.