Assuming optimal heat treat on a low end knife is a large assumption. More importantly, as has been mentioned, "assuming" equivalent blade geometry is a big assumption. Especially in this case. Buck uses a very specific blade profile that no other knife manufacturer uses.
In the late 1990's Buck used a CATRA test machine to develop a superior blade profile. At the time, they called it "Edge 2000". In their work, one of the things they proved was that blade profile is more important than blade alloy.
CJ Buck posted about it here in the Buck Forum in 2001.
https://www.bladeforums.com/threads/catra-edge-testing-results.127499/
The links to the graphs no longer work, so you'll have to take CJ's word for it. But I remember the graphs and they showed the same thing that he says.
To put it in CJ's words,