Cobalt holds its edge better at low speed and is not prone to chipping, very tough in the right circumstances
It's the go-to tool if using a shaper or carving tough material on a lathes backgear, you do far less resharpening than with standard hss
At higher speeds carbide is king, hss isn't even close, even cobalt hss doesn't perform any better than hss once the speed and grinding action ramps up
Each material has its merits