I found pictures of the S7 shank i made. S7 is a good shock resistant tool steel for impact duty tools. The bit is M2 HSS. For scraping steel.
As has been noted, all steel has essentially the same Youngs modulus.
The difference is that harder steel is stronger, and will bend further before yielding and permanently deflecting.
So as Richard said, if you thin the low carbon steel shanks to much and lean on them hard, they will bend & more or less stay bent until you physically bend them back. Then they will bend again the next time you lean in.
The regular biax shanks with brazed on carbide tips are hardened, but i don't know the alloy. So you can bend them a good bit before they will yield and stay bent. I do not know how far you can bend one before it breaks.
This S7 shank simply flexes a bit, like a spring, and i ride it very hard. The steel shards come off like BB's and the motor is grunting the whole time. I do not pussyfoot around when trying to remove metal from a well work casting, or in this case, steel fabbed part. The reason i like the spring, is it helps the positive edge get under the chip, and then flick it up and off. Rather than stabbing and merely leaving big burrs. But either will work, you just change the angle of attack.
Some of Biax stock blades are thinned:
some use a V joint, others a full mortise:
These are some of the blades i made for the Andersen flat style handscrapers. Carbide silver soldered to mild steel shanks:
After grinding, i intentionally broke 2 of them I could not break them with typical pressure, but smacking with impact broke the one with full separation. Really laying my whole weight on the other, actually trying to break it as opposed to merely a very heavy scraping effort, finally broke the other. These are only a butt joint, but it is accurate and close fitting.