Another reason to slow your drill press down is compaction of the sawdust inside the drill bit.
“So slower speeds don’t create compaction in drill bits?”
Of course, compaction happens at all speeds. But if you understand how making wood pellets work, you want to have enough pressure as well as heat and moisture to create those pact little dust pills. By slowing the speed of the drill press down, you are making sawdust that is less likely to be packed so tightly that it takes a knife tip to remove the particles.
Drill bits that are packed tightly with sawdust also create another problem: greater heat, which again, causes the metal to lose its sharp edge as well as wood burning.