Tool steel M2 ships in a soft, machinable annealed state and can be hardened and tempered afterward to become the industry-standard high-speed steel, balancing wear resistance, toughness, and red-hardness.
M2 (1.3343, SKH51) is supplied annealed for machining; it is soft enough to mill, turn, and drill with standard tooling. After machining, it can be hardened and tempered, and it becomes the most widely used high-speed steel grade, balancing wear resistance, toughness, and red-hardness (the ability to stay hard at cutting-edge temperatures up to roughly 600 °C).
Tool steel M2 isn't the toughest option (S7 suits shock loading better) nor the hardest (M42 goes further at a cost to toughness), but its balance makes it the default choice for most cutting tools.