Ryan said it very well.
And even on some saw blades that don't have carbide teeth, especially newer ones, only the final section away from the center that contains the teeth is hard. It's a two part affair, with the teeth section being welded to a worthless center core.
Just think, considering the $$ involved and the necessity of companies to save money, why would they make a saw blade with hardenable, martensitic steel throughout the entire body of the saw blade, which is expensive, when only the working portion needs to hold an edge?
Usually when you see knives made from saw blades it's either because the knife maker didn't know what he was doing, or, it was from an OLDER saw blade that was verifiable as being L6 or something close, which does make a heck of a knife when properly heat treated.