Ok.
Me making a serious response. This will be mostly just going off of things i've seen larrin thomas mention.
About quenching speed. Hardenability was mentioned, which really is the biggest factor on whether you want to water quench or not. Most steels have enough hardenability to do fine in a fast quench oil, though. If i recall even though in theory its not much slower than water, the absolute lowest hardenability steels may benefit a little by going with water. Especially if the steel is on the thicker side.
Most low alloy steels won't see any real benefit at all from it, and like it was mentioned. It increases the risk of cracking.
One interesting thing, I've seen mentioned is quench speed, and retained austenite. I wish i could find the post that mentions this, but the last time i looked. I couldn't but I've seen it mentioned that a faster quench can reduce retained austenite potentially. This will be with higher alloy steels. Take that with a grain of salt though because I can't recall the source.
Speaking of retained austenite. Since cryo was mentioned. Thats where that comes into play. Basically what cryo is doing. Is extending the quench to below room temperature. So normally to harden. You quickly cool the blade to room temperature, from the austenizing temperature. Martensite is the phase of steel we want for a knife. Martensite finish is the temp where we have theoretically reached a 100% martensitic microstructure, if everything went as planned (not including carbides).
So some steels need to go below room temp to reach martensite finish. How low, depends on the austenitizing temperature, and the composition of the steel. Sometimes you can just stick the blade in the freezer, or use a dry ice slurry, some may need liquid nitrogen (though liquid nitrogen wouldnt hurt to use on any steel).
So, when doing cryo. We are getting rid of a percentage of the remaining austenite that was present in the blade at room temperature. Which leads to a harder blade. Which can lead to better performance (depending what you are doing), and can certainly make sharpening more pleasant (not having as much retained austenite).