AK, that is correct. I am using a Lennox brand bi-metal hole saw in the picture. I have cut about 75 wood bangle blanks with this saw and it is getting a little tired. Probably the African Blackwood and Ironwood that is killing it
I do have some tricks I use to keep the blade life up. It is hard to describe, but basically it involves drilling slightly off the edge of the wood to allow chips to exit the cutting area from the edge, and/or I peck drill and clear the chips from the saw blade gullets with a block of wood or my shop vac.
I have started using Bosch brand carbide tipped blades and they work great. The don't plug with chips and usually clear chips well from the cutting area. I have my drill press on the lowest RPM, but I wish it turned a bit slower...