I would guess it goes back to what you want the hole to do.
If you are looking for clearance to hold two parts together, you could use an ice pick and a hammer. Grin.
A little tighter than that and good commercial drill bits will work.
After that, you are into reaming and boring and honing. But, hey, are we building tooling or just clipping stuff together?
On the subject of drill point sharpening:
Back in the late 1950s I was employed, as a high-school student during the summer, by Skil Corperation, when they were located at Elston and Cicero in Chicago. My project was to investigate, by activity, drill-point angles and how they effected power consumption. Skil was looking at battery tools at the time and wanted to know.
1957. Or 8. Don't remember. Been a while. Grin.
Quite by accident I managed to produce a drill-point that used less than 50% of other points.
Unfortunately, for the rest of time, I was unable to reproduce it. The original, for several weeks, always performed. The duplicates, produced on the same tool grinder, by the original tool maker, never did.
Point - Magic? Accident? Unknown factors?