I had run the gamut with cheap carbide bits, ones that clog, turn blue after a few passes, quit cutting altogether, …….if there’s one thing I’ve learned after all these years, good tools aren’t cheap, and cheap tools aren’t good,…..buy the best, and you’ll never be disappointed,…..😉
Well, I'm not disappointed in my set of carbide bits, and I while they weren't super cheap, they didn't cost anything like the Snap-On set. I've also had them for quite a few years, they have lots of miles, and they haven't done any of those bad things you mention.
I have a similar mindset to yours with an exception. For tools I use all the time, my Dremel, my DeWalt screwdriver, my Milwaukee drill & impact driver, my bench 'scope, meters, power supplies, etc., I buy a name brand. However for tools I'll only use occasionally, my close quarters drill comes to mind, I buy Harbor Freight. I've used that close quarters drill half a dozen times, and it's worked fine. I'm sure if I used it ever day, I'd be on my 3rd one. However, I still have the original, and I have an extra locomotive I bought with the money I saved.