And finally, before I go to bed as my insomnia has passed:
It is very important to note that this familiar chart is often referred to as the iron carbon equilibrium diagram. This is because the phases shown at the given temperatures are what is achieved at near equilibrium. In plainer English, the phases represented are what you will get if the steel is held at that temperature. It assumes some level of soaking. And the reason the “critical temperature” on heating (Ac1) is very different than the “critical temperature” on cooling (Ar1) is that rising or falling temperatures are no longer holding that equilibrium and pushes the temperatures all over the place. Things dissolve as much as 100°F higher than they come back out of solution, depending on how fast the heating or cooling is. To get them closer together, you need to hold for equilibrium conditions.
Folks can give this a try. Heat a piece of steel until you chase the shadow out of its glow and the magnet stops sticking, i.e. decalescence. Look at how bright this is and remember it. As it cools watch how dim, or dark, it is before you get the brighter energy wave that moves through it and the magnet starts to grab. The steel is almost black again. This is the difference heat and cooling, not holding for a time at a transformation temperature, makes. A1 is but one of four “critical temperatures” we typically deal with in heat treating a knife.
I have shared this image many times before across the internet, but I find that after all these years it is often still needed. This is the fractured end grain size of O-1 that was soaked for 5 hours at around ten degrees higher than its recommended range. I think we can take grain enlargement right off the table for things to worry about with soaking an alloy steel. I have often called grain growth the bladesmith’s bogeyman due to the greatly overexaggerated threat it poses.
What defines an austenite grain is the grain boundary. It is mostly the interface of two different crystalline stacking orientations, but its existence is also reinforced by particles that prefer to gather in that interface. These are often carbide particles. When the steel is put into solution that boundary is going nowhere until all of those carbides and particles are gone. And, in order for that grain to grow that boundary has to move. So, if you keep your temperature below that which is required to dissolve those particles, you can’t get grain growth, from normal, or even rather extreme, soaking until those particles are gone. But, if you bump up your temperature to overheating, those particles vanish and you get grain growth in a second. This is why proper soak temperatures are set to pull only the carbon need into solution for proper hardness, while leaving the rest in fine carbide form. This is why .25% V makes W2 a finer grain steel than W1. And this is why soaking does not cause grain growth, and overheating is the actual cause of grain growth regardless of soak time.
Now what about 1095 that has no chromium or vanadium carbides? Won’t soaking grow its grains? Well there are other particles in those boundaries, not as powerful as carbides but better than nothing. There are other particles introduced in the steel manufacturing process that also stabilize the grain boundaries. They may take less time and temperature but they still cause the steel to hold a grain size better. If you want a comparison, use a truly grain size sensitive steel that predates this process. I have made and heat treated my share of ancient type bloomery steel, just iron and carbon, and with it you finally have a steel that you really don’t want to soak, if you can avoid it, as it will begin to grow grains as soon as you reach solution. I normally don't recommend soaks for 10XX series, not due to any real problems, if it is short, but because it is mostly a waste of time.
Edited to add- the importance of soak time is made clearer the closer you are to the critical temperature of Ac1. Decalescence is an endothermic reaction, meaning that it sucks up more heat for itself than the steel normally would need to get hot. This means the higher the heat you go to above it, the more you can feed its transformation. But if you are hovering close to, or within, that transformation zone, decalescence will struggle for every degree it can use and the time to complete is going to grow markedly. Without the temperature, there needs to be time or the transformation will not be complete. One of the best explanations of this can be found in "Tool Steels Simplified" by Palmer and Luerssen.