I've liked Arkansas stones for finishing tasks at medium to polishing grit finishes on simpler steels like 1095, CV or 420HC, all of which fall into that minimal/no hard carbide category. If the steel contains very much of the harder carbides, like chromium carbide, tungsten carbide or especially vanadium carbide, Arkansas stones will work very, very slowly, if at all. All of these carbides are essentially 2X - 3.5X as hard as the natural abrasive (novaculite) in Arkansas stones, which itself is only marginally harder than the most basic of carbide-free cutlery steels anyway. Think of 440C as being at the threshold of the carbide-laden group, with a fairly significant amount of chromium carbide; some makers' versions of 440C will make sharpening difficult for Arkansas stones.
I've not liked Arkansas stones for heavy grinding or rebevelling tasks on most any steel; they're just too slow for that, and many other manmade stone/abrasive types can handle that task much more effectively, such as aluminum oxide, silicon carbide and diamond stones.
Per the thread title specifically, the most relevant difference between diamond stones and Arkansas stones comes down to this:
- Diamond hardness = 7000 (Knoop scale)
- Arkansas (novaculite) hardness = 825 Knoop
That means diamond is ~ 8.5X as hard as the natural abrasive in Arkansas stones.
And most cutlery steels lacking hard carbides won't be very far below the hardness of novaculite, with many in the 600-800 Knoop range. Hence, still relatively slow-grinding on even the simpler steels, though still useable enough at lighter maintenance & upkeep sharpening of those simpler steels.
As for the carbides in popular wear-resistant steels:
- Chromium carbide (440C, 154CM/CPM-154, ATS-34, D2, ZDP-189) = ~ 1700-1800 Knoop
- Molybdenum carbide = ~ 1800 Knoop
- Tungsten carbide = ~ 1800-1900 Knoop
- Vanadium carbide (S30V/90V/110V, etc.) = ~ 2600-2800 Knoop
David