As I understand it (& I'll admit, I'm a little out of touch on this stuff) your supposition is correct.
The blade would have to get above it's thermal-cycle temperature before it's molecules are affected in a negative way. However, if a constant heat is maintained, at any temperature above about 220º (IIRC) the grain structure will be affected. Think of it as a 'lower temperature thermal cycle' The degree that the steel will be affected wll be dependant on the type of steel & how it was treated from annealing through normalising, hardening & tempering.......
I think......