Based on my observations as an Industrial and Scientific user, this indexable insert seems to be made of low-quality material. The coating wore off quickly, leaving me with an unusable insert. The precision of this cutting tool was not as advertised, leading to inaccurate cuts.
Finding a cheap socket bit is not easy as some turning/milling tools require the tapered sides. With proper handling of materials like stainless steel, mild steel, and 6061 aluminum, they'll last quite a while.