I haven't used paste, but I've used the powder on a balsa strop.
I get into modes (and am in one now) where I will try to maximize what I get from my stones and bare horse leather.
But it is an experimenting and screwing around kind of thing (along with attempting to justify to myself why I have dozens of stones), and in the end, the edge that I get with pure chromium oxide powder (not waxy sticks, etc) is still sharper and plenty smooth to shave.
I can say this logically, that I get that pure edge every single time with every single razor with the chromium oxide stone, and it's generally a better edge if you set up metrics to decide what's "better"...
.. but I still usually use the stones and nothing else but leather.
After 5 shaves, my edges are the same either way. With the natural stones, off the stone, they generally improve the first few shaves as the horse leather makes them better and better. With chromium oxide, they instead start better and come down to that point at 5 shaves. Whatever is used, after that, they stay very nice for a very long time, so not being the type who runs back and re-keens an edge once a week, it doesn't make too much difference.
Rational, no - especially not money-wise. Will I tell other people they're irrational for spending a lot of money on expensive stones to chase something that's mostly in our heads compared to selected modern abrasives? Yes. Will I do the same irrational thing? Most of the time, yes.