mmmm Im running all BAHCO bi-metal SANDFLEX hole saw's the orange ones.
Use cutting Liquid and the right drill speeds and you be fine. I have only ever had to replace 1 but thats on my tube notcher thats had a lot of work.
Never used a carbide tipped hole saw. but had a google nnd it says you can cut Stainless steel plate, F.R.P, Copper plate, Iron plate, Brass plate, Aluminum plate, Alloy steel plate, Electrical controller box, Channel iron.