The term bi-metal means just that, the back of the blade would generally be high carbon steel (like 1075 spring steel) that has a thin strip high speed steel welded to it that the teeth are cut into, giving you a hard cutting tooth on a tough flexible back. The distance from the top of the tooth to the bottom of the gullet is usually about twice the depth of the HSS strip, so you can usually see the weld line halfway down the tooth if you look.
High speed steel and high carbon steel are not the same. High speed steels (there are several) are chemically more complex than carbon steels, so that they can maintain better "red hardness"; that is they can stay hard at higher temperatures than carbon steels. They are called High Speed because in machining speed basically equals heat, a drill running at 1000 RPM generates more heat than the same drill in the same material does at 500 RPM, so High Speed tools can be ran at higher speeds, increasing production in a shop. Carbide tools have better red hardness than HSS tools, but at higher unit cost per tool and requiring better machining techniques because of their higher brittleness, which in machining terminology is "decreased toughness".