IMHO,, drill bit life, when drilling large holes,,, is totally controlled by the feed rate of the bit.
(this is assuming you are using the correct rotational speed)
With power feed controlling the rate at which the drill bit progresses bit life is tremendous.
I can drill hundreds of holes with one drill bit, no dulling occurs.
Drill the same hole size, with the same drill press, using hand feed,,,
you are lucky to get a dozen holes before the drill bit is chipped, dull and useless.
The coolant is mostly used to allow higher drilling speed.
The more rigid the drill press, the greater the possible feed rate.
This drill press drills 3/4" holes in steel at a feed rate of .006" per revolution.
If the hole gets larger than this,, I usually use a small pilot hole.
The pilot hole reduces the horsepower needed to drill large holes.