The bewildering variety of inserts is due to they being made for high-rate machining of all sorts of shapes in all sorts of metals. The intention in industry is that you use the right tip for the material as well as the form being cut, and the tips’ commercial lives are often quoted by their own manufacturers in a few tens of minutes!
Although I am not convinced by the arguments that carbide tips have to be used at high speeds on our modest machine-tools because they can be to meet commercial production rates.
The arcane mix of letters and numbers encodes the tip shape, size, material and profile.
I do use both HSS and carbide – almost all bought from J.B. Cutting Tools – but mainly carbide tips for screw-cutting only because the angles are fully correct. Sometimes it is easier to obtain a better finsih on steel with a properly-ground HSS turning tool than with carbide, but it depends a lot on the material, depth of cut and feed. And is a lot cheaper – carbide costs brass!
Thread-cutting using insert tooling:
The standard screw-cutting tips do not normally give the true, rounded roots and crests; so if you go in to the “book” depth for the tip’s apex the result will be shallow. So I normally cut to that depth and finish the thread to size and shape with a die; sometimes turning a little “book” root-diameter spigot on the end as a guide.
(Studs are sometimes left with that little spigot anyway, as thread-protector and assembly aid.)