There may be more to strength in this application than the screw.
My example is a lathe tool where a carbide insert is held in place by a small screw, M2.5 I think. It's the biggest insert I use on my 1.5kW lathe, and it can take 2mm cuts out of mild steel:

Point is the screw doesn't take much strain because the insert and holder are shaped to take most of the forces:

The geometry and fit provides most of the strength, not the screw. The insert is firmly supported underneath against downward cutting forces and against rotational forces by the flanks. In neither case does much force go through the little screw, which would likely shear if it alone had to support the insert. The screw does little more than hold the insert in the correct position: the holder takes the force.
A wood-working chisel is likely made on the same principle, that is with the insert accurately fitted into a supportive recess. The strength comes from accurate fitting against properly designed shoulders, arranged so the screw isn't stressed much. Have a good look at a commercial chisel and copy how they support the insert.
Roughly, an M2.5 bolt will break under a load of about 200kg, M6 about 1300kg. But those are static loads when a chisel experiences dynamic shock loads when it's thumped with a mallet. I don't know how high the dynamic loads peak, but it's not that difficult to knock the exposed head of an M6 bolt off with a cold-chisel and hammer.
Dave