I work with metal cutting tools. Cobalt drills exhibt the same performacnce, They withstand heat better than HSS. A M42 coblat drill has about 8% cobalt content I believe. The manufacturing process is they heat the blank and twist it while hot to form the flutes so the barrel manufacturing process mentioned seems reasonable as does the performance gains.
I read an article somewhere several years ago about experiments being done with ceramic made barrels which ran very cool and cooled quickly and were light weight.