All chainsaw chain is 'slightly dull'. But more on that laters...
The less metal you have behind the chisel or the tip, the sooner it becomes dull when you are scraping wood with it. It wears, bends, dulls, hits nails etc. A very easy way to test it is get a loop of full chisel chain, and then get a loop of semi chisel. The semi chisel has more metal doing the cutting. Or do an NK/LoPro loop of 325 vs full kerf 325. Now go and get a long bar with 3/8 semi chisel on it and one with 404 semi chisel - the 404 will cut longer before it needs resharpening. It has less teeth over all, but the teeth have much more metal behind them. Semi Chisel 404 lasts for freaking ever before you start to feel it need a sharpening compared to 3/8. Not the smoothest cutting, tho. But this stuff is always a compromise. Much of it is because it uses a large amount of the cutter to scrape vs a chisel bit, and also has a much larger surface that can take damage from the wood and it's impurities before it becomes inefficient. Another good example is chainsaw milling - you would have to be insane to use full chisel chain for it. You use full chipper to scrape out the wood against the grain, and because it lasts much, much longer doing it, even in 325 or LP.
The edge of metal wears the same when exposed to the same wood(assuming the same metal) - so the more metal you have on the cutter, the slower the edge wears. I have seen a lot of peoples chainsaws in my lifetime, and very few can put a razors edge on them. Most cutting is done with a 'slightly dull' cutter - and the more metal there is up there, the more cutting a dull(ish) cutter can do before it goes blunt. After all - a chainsaw is not cutting wood - it is chipping/scraping the wood out. Think more like a wood carvers chisel vs a razor. It doesn't need to be razor sharp unless you are doing detail work. It just needs to drag wood out. But it also won't work when it's blunted. More metal means less blunting.
It might not mean a huge amount if you cut very clean wood, but you sure as hell notice it when you are making firewood.